Despite the decline in revenue, the national oil company remitted N11.14tn to the Federation Account as statutory payments during the nine-month period, highlighting its continued contribution to government finances.
The revenue decline represents a shortfall of approximately N13.11tn compared with the same period last year, according to an analysis of the company’s monthly financial reports. The figures were contained in NNPC’s September 2026 Monthly Operations and Financial Report, released on Tuesday.
NNPC Revenue Rebounds in September
NNPC’s September performance showed signs of recovery, with revenue increasing to N4.608tn from approximately N3.737tn in August. This represents a month-on-month increase of about 23.3 per cent, making September the company’s strongest revenue month since April, when it generated N4.971tn.
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 NNPC’s 2026 monthly revenue showed that the company generated N2.571tn in January, N2.680tn in February and N2.774tn in March. Revenue subsequently increased to N4.971tn in April before moderating to N4.335tn in May and N4.389tn in June. The company then recorded N3.087tn in July, N3.737tn in August and N4.608tn in September.
The performance contrasts with the corresponding period of 2025, when NNPC generated N3.824tn in January, N6.624tn in February, N5.475tn in March, N5.891tn in April and N6.008tn in May.
The combined revenue of N46.257tn in the first nine months of 2025 was significantly higher than the N33.152tn recorded in the same period of 2026.
Federation Account Remittance r=Reaches N11.14tn
NNPC’s statutory payments to the Federation Account reached N11.14tn between January and September 2026. This represents an increase of approximately 17.4 per cent over the N9.49tn reported at the end of August, indicating that the company contributed an additional N1.65tn in September.
However, the cumulative statutory payments remained below the corresponding period of 2025 as a comparison with the company’s monthly reports for last year showed that NNPC remitted approximately N11.56tn between January and September 2025.
This means its statutory payments in the first nine months of 2026 were approximately N417bn, or 3.6 per cent, lower than the previous year’s figure.
NNPC Production Rises to 3.04Mbpd
On the operational front, NNPC reported total hydrocarbon production of 3.04 million barrels of oil equivalent per day in September 2026, compared with 3.01 million barrels recorded in August.
Crude oil and condensate production stood at 1.70 million barrels per day during the month while natural gas production also increased to 7,789 million standard cubic feet per day, up from 7,680 million standard cubic feet per day in August.
