NNPC Remits N11.14tn To Federation Account In Nine Months

The Nigerian National Petroleum Company Limited (NNPC) remitted N11.14tn to the Federation Account as statutory payments between January and September 2026, despite recording a 28.3 per cent decline in revenue compared with the corresponding period of 2025.

The figures were contained in the company's September 2026 Monthly Operations and Financial Report, released on Tuesday.

NNPC generated N33.15tn in revenue during the nine-month period, compared with N46.26tn recorded in the same period last year, representing a reduction of N13.11tn.

However, its September revenue rose to N4.608tn from approximately N3.74tn in August, indicating a month-on-month increase of about 23.3 per cent.

The company also recorded a profit after tax of N509bn in September, an 18.1 per cent increase from the N431bn reported in August.

A breakdown of its monthly revenue showed that NNPC generated N2.571tn in January, N2.680tn in February and N2.774tn in March. Revenue subsequently rose to N4.971tn in April before declining to N4.335tn in May and N4.389tn in June.

Earnings dropped further to N3.087tn in July but recovered to N3.737tn in August and N4.608tn in September. The September figure was the company's highest monthly revenue since April.

Despite the recovery, the cumulative revenue remained below the N46.26tn recorded in the first nine months of 2025.

NNPC's statutory payments to the Federation Account increased to N11.14tn in September from N9.49tn recorded at the end of August, following an additional payment of approximately N1.65tn during the month.

A comparison with the corresponding period of 2025, when the company remitted approximately N11.56tn, showed that its payments in the first nine months of 2026 were lower by about N417bn, representing a 3.6 per cent decline.

The report also showed that NNPC's total hydrocarbon production increased to 3.04 million barrels of oil equivalent per day in September from 3.01 million barrels in August.

Crude oil and condensate production stood at 1.70 million barrels per day, while natural gas production rose to 7,789 million standard cubic feet per day from 7,680 million standard cubic feet per day in the preceding month.

The latest figures highlight the contrast between the company's improved monthly performance in September and its weaker cumulative revenue and statutory remittance figures for the year.