NNPC revenue drops by 47% to N2.57trn in January

The Nigerian National Petroleum Company (NNPC) Limited has recorded a sharp 47 percent decline in its monthly revenue, which fell from N4.82 trillion in December 2025 to N2.57 trillion in January 2026. This contraction comes despite a marginal increase in the company’s profit after tax.

BusinessDay’s analysis of the company’s monthly report for January showed that the firm recorded a 9.6 percent increase in its profit after tax, reaching N385 billion. The report also indicated a slight increase in crude oil and condensate production, which stood at 1.64 mmbpd during the period.

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.

Read also: NNPC-Dangote alliance: Why partnership, not rivalry, is Nigeria’s energy salvation

Natural gas production stood at 7.283 billion scf/day, while gas sales for the period reached 4.978 billion scf/day.

In January 2026, the company paid a total of N726 billion in statutory payments to the Federation Account. This represents a decrease from the N1.27 trillion paid in December 2025.

Regarding the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, the company noted: “Pre-commissioning activities continued while significant progress was reported in the construction of the Block Valve Stations (BVS) and Intermediate Pigging stations.”

The report also indicated that the Obiafu-Obrikom-Oben (OB3) gas pipeline is now at 96 percent completion, with drilling activities progressing as scheduled at the River Niger crossing.