NNPC Revenue Falls 28.3% to N33.15tn in First Nine Months of 2026
The Nigerian National Petroleum Company Limited generated N33.15 trillion in revenue between January and September 2026, a decline of 28.3 per cent, or N13.11 trillion, compared with the N46.26 trillion recorded in the corresponding period of 2025. The figures, contained in the company’s September 2026 Monthly Operations and Financial Report released on Tuesday, underline the pressure on the national oil company’s revenue performance despite improvements in some of its production indicators.
An analysis of the monthly financial reports shows that the state-owned company earned N13.11 trillion less in the first nine months of 2026 than it generated in the same period last year, leaving its nine-month earnings significantly below the previous year’s performance.
September Delivers Strongest Month Since April
The decline persisted despite a robust September, when NNPC’s revenue rose to N4.608 trillion from approximately N3.74 trillion in August, a month-on-month increase of about 23.3 per cent. The company also posted 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 shows that NNPC generated N2.571 trillion in January, N2.680 trillion in February and N2.774 trillion in March. Earnings then 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.
Comparison With 2025 Monthly Performance
A comparison with the 2025 monthly reports shows that 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 comes against the backdrop of NNPC’s full-year 2025 financial results, which showed that revenue declined by 24 per cent to N34.5 trillion from N45.1 trillion in 2024. Despite the revenue decline, 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.
Federation Account Remittances Reach N11.14tn
On statutory payments, NNPC remitted N11.14 trillion to the Federation Account between January and September 2026, 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 shows that the company remitted approximately N11.56 trillion between January and September last year. This indicates that 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.
Statutory payments represent a different financial measure from revenue and profit, reflecting the company’s payments to the federation rather than its total business earnings.
Hydrocarbon Production Edges Higher
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.
The September report captures a company balancing stronger monthly revenue and profit growth against a substantial year-on-year shortfall, with production gains offering some support as NNPC works to close the gap left by weaker earnings across most of 2026.
