NNPC remits N19.5tn to Federation Account in 14 months

Nigeria's national oil company, NNPC Limited, has reported substantial financial contributions and operational successes. Group Chief Executive Officer Engr. Bayo Ojulari disclosed that the company remitted N19.5 trillion to the Federation Account from April 2025 to June 2026. During the same period, NNPC achieved $3.4 billion in cost savings by restructuring and optimizing contracts.

Ojulari highlighted significant increases in production. Oil output rose by six percent year-on-year to 569.7 million barrels, while gas production climbed by 8.1 percent to 2.576 billion standard cubic feet. Nigeria's crude oil production reached 1.71 million barrels per day, the highest in five years. NNPC Exploration and Production Limited (NEPL) recorded a historic daily production of 365,000 barrels.

Gas production surged to 7.5 billion standard cubic feet per day, bolstered by the completion of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline river crossing and the commissioning of the ANOH Gas Processing Plant. NNPC maintained 100 percent compliance with Joint Venture cash call obligations throughout 2025 and into June 2026, while striving to meet the national crude oil production target of two million barrels per day.

Special Adviser to the President on Energy, Olu Verheijen, added that Nigeria's energy reforms are rebuilding investor confidence. Over $10 billion in Final Investment Decisions have been secured in the past three years, with more than $50 billion in investments currently in the pipeline. Verheijen stated the government aims for three million barrels of crude oil and 10 billion standard cubic feet of gas per day by the end of the decade, emphasizing that capital follows credibility and reliable returns.

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Capital is no longer sentimental. It is not moved by speeches, slogans or sympathy. It follows credibility and asks one question: can this country turn resources into bankable projects and bankable projects into reliable returns?