NNPC Revenue Declines to N2.57trn in January 2026
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in revenue in January 2026, with earnings falling to N2.57 trillion from N4.82 trillion in December 2025.
The figures were disclosed in the company’s Monthly Report Summary for January 2026, which highlighted a significant contraction in revenue despite a marginal improvement in profit after tax.
According to the report, “NNPC Ltd noted that its gas operations remained steady during the period, providing a degree of operational stability amid the decline in revenue. Natural gas production stood at 7.283 billion standard cubic feet per day (scf/day). Gas sales reached 4.978 billion scf/day in January.”
The company’s profit after tax showed a marginal improvement despite lower revenue and remittances. “The company stated that production increased month-on-month following the completion of turnaround maintenance at Agbami and Renaissance (Estuary Area – EA),” the report added.
However, planned deliveries for January were hampered by bad weather, evacuation issues, and asset integrity challenges. The figures reflect the sensitivity of the oil and gas sector to global crude price fluctuations, domestic production levels, and operational factors.
NNPC Ltd provided updates on strategic gas infrastructure projects aimed at boosting domestic gas supply and supporting industrial development. The Ajaokuta-Kaduna-Kano Gas Pipeline Project (AKK) and Obiafu-Obrikom-Oben Gas Pipeline (OB3) projects are expected to strengthen Nigeria’s gas infrastructure and enhance supply reliability for industrial and domestic use.
“The project completion has reached 96 percent, with drilling operations advancing steadily at the critical River Niger crossing,” the report noted.
Despite the revenue decline in January 2026, NNPC Ltd has remained a major contributor to government finances. Between January and December 2025, the company remitted N14.706 trillion to the Federal Government through taxes, royalties, and other statutory payments.
In December, President Bola Tinubu approved the cancellation of a substantial portion of debts owed by the NNPC Ltd to the Federation Account, wiping off about $1.42 billion and N5.57 trillion.