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NNPC Revenue Falls 28% to N33.15trn
The Nigerian National Petroleum Company Limited generated N33.15 trillion in revenue between January and September 2026, a 28.3 per cent decline from the N46.26 trillion recorded in the same period of 2025.
The company also paid a total of N11.14 trillion to the Federation Account as statutory payments between January and September 2026.
The figures were contained in NNPC’s September 2026 Monthly Operations and Financial Report released on Tuesday.
An analysis of the company’s monthly reports showed NNPC earned N13.11 trillion less in the first nine months of 2026 than it generated in the same period last year, highlighting pressure on its revenue performance despite improvements in some production indicators.
The decline came despite a strong September performance, when NNPC’s revenue increased to N4.608 trillion from approximately N3.74 trillion in August, representing month-on-month growth of about 23.3 per cent.
The company also recorded a profit after tax of N509 billion in September, an 18.1 per cent increase from the N431 billion reported in August.
A breakdown of the revenue figures showed NNPC generated N2.571 trillion in January, N2.680 trillion in February and N2.774 trillion in March.
Its earnings subsequently rose sharply to N4.971 trillion in April before moderating to N4.335 trillion in May and N4.389 trillion in June.
Revenue dropped to N3.087 trillion in July before recovering to N3.737 trillion in August and N4.608 trillion in September.
The September performance represented the company’s strongest monthly revenue since April, when it generated almost N5 trillion.
However, the improvement was insufficient to reverse the revenue shortfall accumulated during the year, leaving its nine-month earnings significantly below the previous year’s performance.
A comparison with the 2025 monthly reports showed NNPC generated N3.824 trillion in January, N6.624 trillion in February, N5.475 trillion in March, N5.891 trillion in April and N6.008 trillion in May.
The company subsequently recorded N5.105 trillion in June, N4.406 trillion in July, N4.655 trillion in August and N4.269 trillion in September.
The combined figure of N46.257 trillion represented a considerably stronger revenue performance than the N33.152 trillion recorded in the first nine months of 2026.
The latest performance is coming against the backdrop of NNPC’s full-year 2025 financial results, which showed its revenue declined by 24 per cent to N34.5 trillion from N45.1 trillion in 2024.
Despite the revenue decline, its profit after tax increased by 33 per cent to N7.2 trillion from N5.4 trillion, while earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18 trillion.
Meanwhile, the company’s statutory payments to the Federation Account reached N11.14 trillion between January and September 2026, representing an increase of 17.4 per cent over the N9.49 trillion recorded in the first eight months of the year.
The September figure added approximately N1.65 trillion to the cumulative statutory payments reported at the end of August.
A comparison with the monthly statutory payment figures contained in NNPC’s 2025 report showed the company remitted approximately N11.56 trillion between January and September last year.
This indicates that the company’s cumulative statutory payments in the first nine months of 2026 were about N417 billion, or 3.6 per cent, lower than the corresponding 2025 figure.
The statutory payments comprise a different financial measure from revenue and profit, reflecting the company’s payments to the federation rather than its total business earnings.
On the operational front, NNPC reported total hydrocarbon production of 3.04 million barrels of oil equivalent per day in September, compared with 3.01 million barrels recorded in August.
Crude oil and condensate production stood at 1.70 million barrels per day, while natural gas production increased to 7,789 million standard cubic feet per day from 7,680 million standard cubic feet per day in August.
