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Nigerian Petroleum Company NNPCL Remits N7.91trillion To Federation Account In Seven Months, Says Report
Nigerian Petroleum Company NNPCL Remits N7.91trillion To Federation Account In Seven Months, Says Report
NEWS
The Nigerian Record
9/2/20262 min read
The Nigerian National Petroleum Company Limited (NNPCL) has said it remitted N7.91 trillion to the Federation Account between January and July 2026, while recording N279 billion in profit after tax during the period.
The figures were disclosed in NNPC's July 2026 operational and financial performance report released on Wednesday.
The company said it also recorded N3.09 trillion revenue during the seven-month period.
However, crude oil and condensate production fell in July to 1.68 million barrels per day, down from 1.72 million barrels per day in June and 1.73 million barrels per day in May.
NNPC attributed the decline to operational disruptions affecting several production assets.
"July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints," the company stated.
Crude oil and condensate sales also dropped to 22.53 million barrels in July from 28.23 million barrels recorded in June.
The July sales comprised 21.53 million barrels of crude oil and one million barrels of condensate.
NNPC said it was taking steps to increase output by improving facility uptime, strengthening preventive maintenance and reducing unplanned downtime.
It said the measures would also involve optimising export operations at FEPL and Nembe EP, developing additional production opportunities and improving reliability across key facilities.
"Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output," NNPC stated.
On gas infrastructure, the company reported 100 per cent availability of its upstream pipeline network.
It said pre-commissioning activities had been completed on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline, with first gas initially targeted for August 2026.
NNPC also said construction and installation work on the Ajaokuta-Kaduna-Kano gas pipeline was at an advanced stage to support early gas delivery to Abuja in 2026.
The company reported AKK pipeline availability at 95 per cent, while NNPC Retail's petrol stations recorded 52 per cent availability, with performance varying across regions.
Natural gas production stood at 7.49 billion standard cubic feet per day, while gas sales were recorded at 4.6 billion standard cubic feet per day.
NNPC, however, said the reported production, sales and financial figures remained provisional and subject to reconciliation with relevant stakeholders.
"All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders," it stated.