NNPC monthly profit rises 103% as revenue hits N2.77trn

– Remittance to Federation drops 80%

By Obas Esiedesa, Abuja

The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 3.5 per cent increase in monthly revenue in March 2026, rising to N2.774 trillion from N2.68 trillion in February, its latest report has shown.

Profit after tax surged by 103 per cent to N276 billion in March, compared to N136 billion posted in the preceding month.

However, remittances to the Federation Account dropped sharply by 80 per cent, falling to N362 billion in March from N1.8 trillion recorded in February.

Cumulatively, NNPC Ltd’s total revenue for the first quarter of 2026 stood at N8.024 trillion, while profit after tax reached N797 billion over the three-month period. Total remittances for the quarter were N2.888 trillion.

On the operational side, crude oil and condensate production rose to 1.56 million barrels per day, while gas output increased to 7,731 million standard cubic feet per day (mmscf/d). This represents month-on-month increases of 3.31 per cent and 3.66 per cent, respectively, compared to February.

The report noted that gas production in March was the highest recorded within the 12-month period under review.

NNPC also highlighted key project milestones, including the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule. It further disclosed the successful completion of welding works on the 24-inch spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline.

It stated that drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger crossing were progressing as scheduled.

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