The Nigerian National Petroleum Company Limited (NNPC) recorded ₦2.68 trillion in revenue in February 2026, reflecting a modest increase despite a decline in crude oil production.
Production dropped to 1.51 million barrels per day due to pipeline outages and operational disruptions across key oil assets.
Despite higher revenue, profit after tax fell sharply by over 64 percent to ₦136 billion, largely due to increased remittances to the Federal Government.
Statutory payments surged significantly following a directive that ended profit retention, highlighting NNPC’s growing contribution to national revenue.
Gas production remained strong during the period, while progress continued on major pipeline projects aimed at improving supply infrastructure.
The company says it is focused on stabilising production and resolving operational challenges to sustain performance in the coming months.
