NNPC posts N535bn profit, remits N6.3tn to federation
Summarized and contextualized by DistantNews.
At a glance
News
Sources not specified
New plan
- The Nigerian National Petroleum Company Limited reported a 15.8% increase in profit after tax to N535 billion in June 2026.
- Despite a slight decline in crude oil production, revenue rose to N4.389 trillion, and cumulative statutory payments to the federation reached N6.286 trillion.
- Production was impacted by operational issues, but progress was noted on major gas pipeline projects.
The Nigerian National Petroleum Company Limited (NNPC) announced a significant 15.8% rise in its profit after tax, reaching N535 billion in June 2026. This increase, up from N462 billion in May, occurred despite a marginal dip in crude oil and condensate production for the month. The company's total revenue for June stood at N4.389 trillion.
NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May.
NNPC's latest Monthly Financial and Operations Report also highlighted its substantial contribution to national revenue. Between January and June 2026, the company remitted a cumulative N6.286 trillion in statutory payments to the federation. This sustained contribution underscores NNPC's role in national revenue generation.
Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.
Production in June saw a slight decrease to 1.72 million barrels per day, a 0.58% drop from May, attributed to operational disruptions and facility integrity issues. However, output remained 1.18% higher than the previous year. Despite these challenges, crude oil and condensate sales surged by 48.97% month-on-month. Gas production and sales also showed improvement.
June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.
The report also detailed progress on key gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline project is nearing completion at 98%, with final tie-in works underway for a projected August 2026 "First Gas" milestone. The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline construction has advanced to 94% completion.
The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.
DistantNews Editorial
Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
More Stories
From Our Blog
How the Same Story Looks Different in Different Countries
What Gets Lost (and Found) When News Is Translated
The Critical Role of Diaspora Media in Global News
What Travellers Should Know About Countries with Restricted Press
A Digital Nomad's Guide to Following Local News
