The Nigerian National Petroleum Company Limited (NNPC) recorded a sharp revenue decline in January 2026, with earnings falling to N2.57 trillion from N4.82 trillion in December 2025.
The figures represent a 47 per cent month-on-month contraction, according to the company’s Monthly Report Summary for January.
Statutory payments to the Federation Account dropped to N726 billion from N1.27 trillion remitted in the previous month.
Natural gas operations remained steady during the period, with production standing at 7.283 billion standard cubic feet per day and sales reaching 4.978 billion standard cubic feet per day in January.
Production increased month-on-month following completion of turnaround maintenance at Agbami and Renaissance fields, though planned deliveries were hampered by bad weather and asset integrity challenges.
ALSO READ
NNPC provided updates on strategic gas infrastructure projects, noting that the Ajaokuta-Kaduna-Kano Gas Pipeline Project continued pre-commissioning activities with progress on Block Valve Stations.
The Obiafu-Obrikom-Oben Gas Pipeline project completion has reached 96 per cent, with drilling operations advancing steadily at the critical River Niger crossing.
Despite the January revenue decline, NNPC remains a major contributor to government finances, having remitted N14.706 trillion to the Federal Government through taxes and royalties between January and December 2025.
Total revenue for 2025 stood at N60.5 trillion with profit after tax of N5.76 trillion, compared to N45.1 trillion revenue and N5.4 trillion profit after tax in 2024.
In December 2025, President Bola Tinubu approved the cancellation of substantial debts owed by NNPC to the Federation Account, wiping off approximately $1.42 billion and N5.57 trillion in obligations.
The figures reflect the oil and gas sector’s sensitivity to global crude price fluctuations, domestic production levels, and operational factors affecting revenue streams.
