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 recorded in December 2025.
The figures were disclosed in the company’s Monthly Report Summary for January 2026, which highlighted a significant contraction in revenue during the period, despite a marginal improvement in profit after tax.
The report also showed that NNPC Ltd made statutory payments of N726 billion to the Federation Account in January, representing a drop from the N1.27 trillion remitted in December 2025.
According to the report, the company’s gas operations remained stable during the month, providing some operational balance amid the revenue decline.
Natural gas production stood at 7.283 billion standard cubic feet per day (scf/day), while gas sales reached 4.978 billion scf/day in January.
NNPC Ltd noted that production recorded a month-on-month increase following the completion of turnaround maintenance at Agbami and Renaissance (Estuary Area – EA).
However, the company stated that planned deliveries in January were affected by adverse weather conditions, evacuation challenges and asset integrity issues.
The report noted that the development underscores the sensitivity of the oil and gas sector to global crude price movements, domestic production levels and operational disruptions.
Meanwhile, NNPC Ltd said work was progressing on key gas infrastructure projects aimed at strengthening domestic gas supply and supporting industrial growth.
On the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, the company disclosed that pre-commissioning activities were ongoing, with significant progress recorded on Block Valve Stations (BVS) and Intermediate Pigging Stations.
Similarly, the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project has reached 96 per cent completion, with drilling operations advancing at the critical River Niger crossing.
The projects, according to the company, are expected to boost Nigeria’s gas infrastructure and enhance supply reliability for both industrial and domestic consumers.
Despite the decline recorded in January, NNPC Ltd remains one of the Federal Government’s major sources of revenue.
Between January and December 2025, the national oil company remitted N14.706 trillion to the Federal Government through taxes, royalties and other statutory payments.
The company also reported total revenue of N60.5 trillion for the year 2025, with profit after tax standing at N5.76 trillion.
For the full year ended 2024, NNPC Ltd had posted a profit after tax of N5.4 trillion from total revenue of N45.1 trillion.
In December, President Bola Tinubu approved the cancellation of a significant portion of debts owed by NNPC Ltd to the Federation Account, wiping off about $1.42 billion and N5.57 trillion.
