The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a sharp 64 per cent drop in monthly profit, despite posting a rise in revenue to ₦2.68 trillion.
According to the company’s February 2026 operational report, revenue increased by 4.2 per cent from ₦2.57 trillion recorded in January. However, profit after tax fell significantly to ₦136 billion, down from ₦385 billion in the previous month.
The decline in profit has been linked to a surge in remittances to the Federation Account, following a presidential directive that removed the previous 30 per cent profit retention by the company. As a result, NNPC’s remittance rose sharply by 148 per cent, reaching ₦1.8 trillion.
Operational data also showed a drop in crude oil sales, with total volumes falling by over 10 per cent, alongside a decline in daily oil production from 1.64 million barrels per day to 1.51 million barrels per day.
However, gas production recorded a slight increase, offering some stability amid the broader decline in oil performance.
The figures highlight ongoing volatility in Nigeria’s oil sector, where policy changes, production levels, and global market conditions continue to influence revenue and profitability.
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