The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in revenue in January 2026, with earnings falling to N2.57 trillion from N4.82 trillion in December 2025.
The figures were disclosed in the company’s Monthly Report Summary for January 2026, which highlighted a significant contraction in revenue despite a marginal improvement in profit after tax.
The report also showed that NNPC Ltd made statutory payments of N726 billion to the Federation Account in January, down from N1.27 trillion remitted in December 2025.
What the data is saying
NNPC Ltd noted that its gas operations remained steady during the period, providing a degree of operational stability amid the decline in revenue.
- Natural gas production stood at 7.283 billion standard cubic feet per day (scf/day).
- Gas sales reached 4.978 billion scf/day in January.
- The company’s profit after tax showed a marginal improvement despite lower revenue and remittances.
The company stated that production increased month-on-month following the completion of turnaround maintenance at Agbami and Renaissance (Estuary Area – EA).
However, it added that planned deliveries for January were hampered by bad weather, evacuation issues, and asset integrity challenges.
The figures reflect the sensitivity of the oil and gas sector to global crude price fluctuations, domestic production levels, and operational factors.
More insights
NNPC Ltd provided updates on strategic gas infrastructure projects aimed at boosting domestic gas supply and supporting industrial development.
- Ajaokuta-Kaduna-Kano Gas Pipeline Project (AKK): Pre-commissioning activities continued, with significant progress reported on Block Valve Stations (BVS) and Intermediate Pigging Stations.
- Obiafu-Obrikom-Oben Gas Pipeline (OB3): Project completion has reached 96 percent, with drilling operations advancing steadily at the critical River Niger crossing.
These projects are expected to strengthen Nigeria’s gas infrastructure and enhance supply reliability for industrial and domestic use.
Get up to speed
Despite the revenue decline in January 2026, NNPC Ltd has remained a major contributor to government finances.
Between January and December 2025, the company remitted N14.706 trillion to the Federal Government through taxes, royalties, and other statutory payments.
- Statutory remittances totalled N14.706 trillion for the full year 2025.
- Total revenue for the year stood at N60.5 trillion.
- Profit after tax (PAT) was N5.76 trillion.
For the full year ended 2024, NNPC Ltd reported a profit after tax of N5.4 trillion from total revenue of N45.1 trillion.
The company’s consistent remittances underscore its critical role in supporting Nigeria’s fiscal stability.
What you should know
In December, Nairametrics reported that the company has remitted a total of N12.117 trillion in statutory payments to the Federal Government between January and October 2025.
In December, President Bola Tinubu approved the cancellation of a substantial portion of debts owed by the NNPC Ltd to the Federation Account, wiping off about $1.42 billion and N5.57 trillion.
