Revenue falls sharply month-on-month despite rise in profit and increased oil, gas production….
The Nigerian National Petroleum Company (NNPC) Limited has disclosed that its statutory payments to the Federal Government fell to N726 billion in January 2026.
The figure was contained in the company’s Monthly Report Summary for January 2026, released on Monday.
Statutory payments represent the mandatory monthly financial remittances made by the national oil company to the Federal Government.
According to the report, the January remittance represents a 42.83 percent decline from the N1.27 trillion paid in December 2025.
The report also showed that NNPC’s revenue declined significantly during the period, dropping to N2.57 trillion in January compared to N4.82 trillion recorded in December. This represents a 46.68 percent decrease on a month-on-month basis.
Despite the drop in revenue and statutory payments, the company recorded an improvement in profitability.
Profit after tax rose by 9.69 percent to N385 billion in January, surpassing the N351 billion posted in December.
NNPC also reported improvements in gas production and sales during the month under review.
Natural gas output increased to 7.28 million standard cubic feet per day (mscfd) in January, up from 6.19 mscfd recorded in December.
Similarly, gas sales rose to 4.97 million standard cubic feet per day (mmscf/d), compared with 4.75 mmscf/d in the previous month.
In terms of oil production, the company reported that crude oil and condensate output increased to 1.64 million barrels per day in January, from 1.55 million barrels per day recorded in December 2025.
NNPC attributed the increase in production to the completion of Turn Around Maintenance works at key facilities including the Agbami field and Renaissance operations in the Estuary Area.
“Production increased month-on-month following the completion of Turn Around Maintenance at Agbami and Renaissance (Estuary Area – EA),” the company stated.
However, the company noted that some planned crude deliveries for January were affected by operational challenges, including adverse weather conditions, evacuation constraints, and asset integrity issues.
NNPC also provided updates on major gas infrastructure projects currently underway.
According to the report, pre-commissioning activities are ongoing on the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.
The company said construction work on critical infrastructure components such as block valve stations and intermediate pigging stations has made significant progress.
In addition, drilling activities for the Obiafu-Obrikom-Oben (OB3) gas pipeline project, particularly at the River Niger crossing, are continuing as scheduled.
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