Nigeria’s crude oil and condensate production declined to an average of 1.51 million barrels per day (mbpd) in February 2026, even as the Nigerian National Petroleum Company Limited remitted N1.804 trillion to the Federation Account.
According to the company’s February Monthly Report Summary released on Saturday, the drop in output was linked to multiple operational setbacks. These included the shutdown of the Trans Forcados Pipeline due to integrity issues, as well as startup challenges at the Stardeep Agbami GTC 2 and 3 facilities following post-maintenance activities.
Additional constraints cited in the report were delays at the Sterling Oguali flow station and sludge management challenges at Enyie wells, all of which contributed to reduced production levels during the period.
Despite the production decline, the report indicated improved financial performance. Total revenue rose to N2.68 trillion in February, up from N2.57 trillion recorded in January. However, Profit After Tax dropped significantly to N136 billion, compared to N385 billion in the previous month.
The report noted that statutory remittances saw a sharp increase, climbing to N1.804 trillion from N726 billion in January. This improvement was attributed to recent policy measures aimed at enhancing transparency and accountability in the oil and gas sector.
The company also highlighted ongoing efforts to stabilise operations, including improvements in asset reliability and faster resolution of crude evacuation challenges. Progress on the AKK gas pipeline project was also noted, with construction advancing toward delivering early gas supply to Abuja.
Furthermore, increased collaboration with industry operators and stakeholders was said to be supporting gradual recovery across key production assets.
In February 2026, Bola Tinubu signed an executive order introducing sweeping reforms in revenue remittance practices. The directive mandates the full remittance of oil and gas revenues to the Federation Account and suspends the company’s collection of certain fees.
The order also established an inter-agency implementation committee, chaired by the Minister of Finance and Coordinating Minister for the Economy, to oversee compliance and ensure effective execution of the reforms.
