The Nigerian National Petroleum Company (NNPC) Limited recorded a significant drop of 46.7 per cent in revenue from ₦4.824 trillion in December 2025 to ₦2.571 trillion in January 2026.
The national oil firm, however, recorded a marginal increase in profit after tax of ₦385 billion in January from ₦351 billion in December, representing a 9.7 per cent month-on-month rise.
This was revealed in the NNPC Limited’s Monthly Report Summary for January 2026, released on Monday, March 9.
The report also showed that the company made statutory payments of ₦721 billion to the Federation Account. This reflects a decline of ₦549 billion or 43.2 per cent from ₦1.27 trillion paid into the Federation Account in December 2025.
Oil and Gas Output
The report indicated that despite the decline in revenue, oil and gas production and sales recorded an increase. Crude oil and condensate production were at an average of 1.64 million barrels per day (mbpd) in January, up from 1.54mbpd in December 2025.
Natural gas production rose to 7.283 billion standard cubic feet per day (scf/day) in January from 6.914 scf/day recorded in December.
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The report also stated that gas sales reached 4.978 billion scf/day in January, up from 4.754 billion scf/day in December.
Crude oil sales rose from 22.79 million barrels in December to 24.75 million in January.
NNPC attributed the month-on-month increase in production to the completion of Turn Around Maintenance at Agbami and Renaissance (Estuary Area – EA). It, however, added that planned deliveries for January were affected by bad weather, evacuation, and asset integrity challenges.
Gas Infrastructure Projects
Giving updates on its gas projects, NNPC said the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project has reached 92 per cent. It said pre-commissioning activities continued, with significant progress reported on Block Valve Stations (BVS) and Intermediate Pigging Stations.
On the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, the report said the project completion has reached 96 percent, with drilling activities progressing as scheduled at the critical River Niger crossing.
Downstream Supply
Premium Motor Spirit (petrol) availability at NNPC retail stations was reported at 54 per cent in January, a slight decrease from the 65 per cent recorded in December 2025.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
