The Nigerian National Petroleum Company Limited (NNPC) has remitted ₦11.14 trillion to the Federation Account as statutory payments between January and September 2026.
The latest figures also showed that the national oil company generated ₦33.15 trillion in revenue during the first nine months of the year, representing a 28.3 per cent decline compared with the ₦46.26 trillion recorded within the same period in 2025.
The figures were contained in NNPC’s September 2026 Monthly Operations and Financial Report released on Tuesday.
According to the report, the company’s statutory payments to the Federation Account increased from ₦9.49 trillion recorded between January and August to ₦11.14 trillion at the end of September, representing an increase of approximately ₦1.65 trillion.
However, a comparison with the corresponding period in 2025 showed that the company’s statutory payments declined by approximately ₦417 billion, or 3.6 per cent, from the ₦11.56 trillion recorded during the first nine months of last year.
September Revenue Rises to ₦4.6 Trillion
Despite the decline in its cumulative revenue, NNPC recorded a significant improvement in September.
The company generated ₦4.608 trillion in revenue during the month, compared with approximately ₦3.74 trillion recorded in August, representing an increase of about 23.3 per cent.
Its profit after tax also increased to ₦509 billion in September from ₦431 billion recorded in August, representing an 18.1 per cent improvement.
A breakdown of the company’s revenue showed that NNPC generated ₦2.571 trillion in January, ₦2.680 trillion in February, and ₦2.774 trillion in March.
Its revenue subsequently increased to ₦4.971 trillion in April before dropping to ₦4.335 trillion in May and ₦4.389 trillion in June.
The company recorded ₦3.087 trillion in July, ₦3.737 trillion in August, and ₦4.608 trillion in September.
Oil and Gas Production Records Improvement
On its operational performance, 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 recorded in August.
The company also reported crude oil and condensate sales of 24.63 million barrels in September, comprising 23.64 million barrels of crude oil and 990,000 barrels of condensate.
NNPC Targets Two Million Barrels Per Day by 2027
Meanwhile, NNPC’s Group Chief Executive Officer, Bayo Ojulari, has reiterated the company’s commitment to increasing Nigeria’s crude oil production to two million barrels per day by 2027.
Ojulari, who spoke at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), attributed improvements in the country’s oil production to reforms in the petroleum sector, improved investment conditions, and stronger collaboration with industry partners.
He disclosed that Nigeria’s oil production had increased from approximately 1.2 million barrels per day to 1.8 million barrels per day.
According to him, the company is focusing on maintaining existing infrastructure, protecting current production levels, and executing new projects to achieve its production targets.
On gas infrastructure, NNPC reported that the Obiafu-Obrikom-Oben (OB3) gas pipeline had reached 100 per cent completion, with its River Niger crossing commissioned and operationalized.
The Ajaokuta-Kaduna-Kano (AKK) gas pipeline was also reported to be 95 per cent complete.
The company said it was working with relevant stakeholders to accelerate activities towards delivering gas to Abuja before the end of 2026.
NNPC also disclosed plans to increase national gas production to 10 billion standard cubic feet per day by 2027 and 12 billion standard cubic feet per day by 2030.
The latest report highlights NNPC’s financial contributions to the Federation Account, alongside the challenges facing its revenue performance and ongoing efforts to expand Nigeria’s oil and gas production capacity.
