NNPC remits N7.9tn to Nigeria's Federation Account amid production drops

The Nigerian National Petroleum Company Limited (NNPC Ltd) remitted N7.91 trillion to the Federation Account between January and July 2026. Despite this total remittance, the company’s July 2026 financial performance showed a significant decline compared to June.

In July, NNPC reported revenue of N3.09 trillion, a drop from N4.39 trillion in June. Profit after tax also fell sharply by approximately 48%, decreasing from N535 billion in June to N279 billion in July. This decline was driven by a reduction in crude oil and condensate production, which fell to 1.68 million barrels per day in July from 1.72 million barrels per day in June.

The company attributed the production drop to various operational disruptions, including facility outages, equipment unavailability, pipeline incidents, and production constraints. Natural gas production and sales also saw declines during the same period.

To address these challenges, NNPC stated it is implementing measures to improve facility uptime through preventive maintenance, optimizing export operations at FEPL and Nembe EP, and exploring incremental production opportunities. The company also plans to restore barging operations at Obodo to improve production evacuation.