March 09, (THEWILL) — The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in revenue in January 2026, with earnings falling to ₦2.57 trillion from ₦4.82 trillion reported in December 2025, according to the company’s latest monthly report.
The drop represents a decline of about 47 per cent month-on-month, although the national oil company reported a slight improvement in its profit after tax during the period.
Profit after tax rose by about 9.6 per cent to ₦385 billion in January, despite the lower revenue performance.
The report also showed that statutory payments made by NNPC to the federation account fell to ₦726 billion in January, compared with ₦1.27 trillion remitted in December 2025.
Operational data indicated a modest improvement in oil production.
Crude oil and condensate output averaged about 1.64 million barrels per day during the month, reflecting a slight increase from the previous period following the completion of turnaround maintenance at the Agbami and Renaissance (Estuary Area) assets.
However, the company noted that planned deliveries during the month were affected by operational challenges including bad weather, evacuation constraints and asset integrity issues.
Gas operations remained relatively stable, with natural gas production averaging 7.283 billion standard cubic feet per day, while gas sales stood at 4.978 billion scf per day.
NNPC also provided updates on key gas infrastructure projects aimed at strengthening domestic supply.
Pre-commissioning activities continued on the Ajaokuta-Kaduna-Kano gas pipeline project, while the Obiafu-Obrikom-Oben pipeline has reached about 96 per cent completion, with drilling progressing at the River Niger crossing.
Despite the drop in monthly revenue, the company remains a major contributor to government finances through taxes, royalties and other statutory payments to the federation account.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
