The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a modest rise in revenue for February 2026, posting N2.68 trillion, up 4.2 per cent from the N2.57 trillion recorded in January.
Despite the increase in earnings, the company’s profit after tax fell sharply by 64.67 per cent to N136 billion, compared to N385 billion in the previous month.
The decline in profit is linked to a significant jump in remittances to the Federation Account, following a presidential directive that scrapped the 30 per cent retention on profit oil and gas. Consequently, NNPC’s remittance rose by 148.48 per cent, increasing from N726 billion in January to N1.8 trillion in February.
Operational figures from the monthly report also showed a drop in crude oil and condensate sales, with total volumes decreasing by 10.36 per cent to 23.08 million barrels, down from 25.75 million barrels in January.
Average daily oil production also declined to 1.51 million barrels per day in February, compared to 1.64 million barrels per day in the preceding month.
However, gas production recorded a slight improvement, rising by 2.4 per cent to 7,458 million standard cubic feet per day (mmscfd), up from 7,283 mmscfd in January.
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