NNPC remits N7.9tn to Federation Account in seven months

NNPC Limited remitted 7.91 trillion naira to Nigeria’s Federation Account in the first seven months of 2026, even as its crude oil and condensate production declined in July.

The figures came from the company’s July 2026 operational and financial performance report. NNPC reported 3.09 trillion naira in revenue and 279 billion naira in profit after tax during the period.

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July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints.

Production fell from 1.73 million barrels per day in May to 1.72 million in June and 1.68 million in July. NNPC attributed the latest decline to operational disruptions, including facility outages, unavailable equipment, pipeline incidents and production constraints. July crude and condensate sales totaled 22.53 million barrels, down from 28.23 million in June.

“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” the company stated.

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Production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimizing unplanned downtime.

NNPC said it would focus on preventive maintenance and reducing unplanned downtime. It also cited efforts to optimize export operations at FEPL and Nembe EP, develop incremental production and improve reliability at key facilities. Tandem offloading at Akpo and Erha and the restoration of barging at Obodo are intended to improve export flexibility and production evacuation.

The company reported full availability of its upstream pipeline network. Pre-commissioning work on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline had been completed, with first gas initially targeted for August 2026. Construction of the Ajaokuta-Kaduna-Kano pipeline was at an advanced stage, while NNPC reported availability of 95% for the AKK system and 52% for NNPC Retail petrol stations. Natural-gas production stood at 7.49 billion standard cubic feet per day and gas sales at 4.6 billion, although NNPC said the reported figures remained subject to reconciliation.

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Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output.