NNPC Records ₦28.54 Trillion Revenue and ₦2.99 Trillion Profit in Eight Months
NNPC Limited reported ₦28.54 trillion in revenue between January and August 2026
The Nigerian National Petroleum Company Limited (NNPC) generated ₦28.54 trillion in revenue and recorded ₦2.99 trillion in profit after tax between January and August 2026, while reporting ₦9.49 trillion in remittances over the same period.
The figures, based on an analysis of the company’s monthly financial reports, show fluctuations in revenue and profitability during the eight-month period, with monthly revenue reaching its highest level in April and profit after tax peaking in June.
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NNPC’s performance came amid volatility in international crude oil prices and changes in crude oil and condensate production, factors that shaped the operating environment for Nigeria’s state-owned energy company.
NNPC Revenue Peaks at ₦4.97 Trillion in April
NNPC’s monthly revenue increased from ₦2.57 trillion in January to ₦2.68 trillion in February, before rising to ₦2.77 trillion in March.
Revenue surged to ₦4.97 trillion in April, the highest monthly figure recorded during the period. It subsequently declined to ₦4.34 trillion in May before edging up to ₦4.39 trillion in June.
The company’s performance weakened in July, when revenue fell to ₦3.09 trillion. It recovered in August, rising by 21.1% month-on-month to ₦3.74 trillion.
The figures show that NNPC’s revenue did not follow a consistent upward trajectory throughout the period, reflecting variations in its monthly financial performance.
Profit After Tax Reaches ₦535 Billion in June
NNPC recorded ₦2.99 trillion in cumulative profit after tax between January and August 2026, although monthly earnings fluctuated.
The company reported ₦385 billion in profit after tax in January, followed by a decline to ₦136 billion in February. Profit recovered to ₦276 billion in March before rising to ₦481 billion in April and ₦462 billion in May.
June delivered the strongest monthly profit performance, with profit after tax reaching ₦535 billion. Earnings subsequently fell to ₦279 billion in July before recovering to ₦431 billion in August.
August’s profit after tax increased by 54.5% from July, while the profit margin improved from 9% to 11.5%.
The monthly figures also show that the highest revenue did not necessarily translate into the highest profit. April recorded the largest revenue, but June produced the strongest profit after tax.
NNPC Reports ₦9.49 Trillion in Remittances
NNPC reported ₦9.487 trillion in remittances between January and August 2026, alongside its ₦28.54 trillion revenue and ₦2.99 trillion profit after tax.
These figures represent different measures of the company’s financial activity. Revenue reflects income generated from business operations, while profit after tax accounts for expenses and taxes. Remittances, meanwhile, represent payments made to the relevant government accounts.
The distinction is important when assessing NNPC’s contribution to public finances. The company’s total revenue should not be treated as the amount available to the Federal Government, just as its profit after tax is not equivalent to its remittances.
For context, NNPC previously reported ₦14.71 trillion in statutory payments to the Federal Government between January and December 2025.
Oil Prices and Production Shape Financial Performance
NNPC’s financial results were recorded against changes in international crude oil prices and domestic production levels.
Brent crude prices climbed above $100 per barrel during the height of a Middle East supply disruption before retreating as concerns about prolonged disruption eased.
Production also varied during the first half of 2026. Crude oil and condensate output averaged 1.68 million barrels per day in April, increased to 1.73 million barrels per day in May and stood at 1.72 million barrels per day in June.
May recorded the highest monthly production level during the first half of the year, while April delivered the strongest revenue performance.
Although these figures provide a snapshot of the relationship between operating activity and financial results, monthly revenue movements alone do not establish the precise contribution of crude prices, sales volumes, production levels or operating costs.
NNPC’s 2026 Performance Follows Strong 2025 Profit Growth
The latest figures follow a strong profit performance in 2025, when NNPC recorded ₦7.2 trillion in profit after tax, up 33% from ₦5.4 trillion in 2024.
However, its 2025 revenue declined by 24% to ₦34.5 trillion, reflecting lower crude oil prices and reduced white-product volumes following market deregulation in 2024.
The comparison illustrates why revenue and profitability need to be assessed separately when evaluating the company’s performance. Higher revenue does not automatically produce a corresponding increase in profit, while revenue declines do not necessarily result in lower earnings.
NNPC’s monthly results for January to August 2026 provide a more detailed picture of its financial performance during the year, showing periods of both growth and contraction.
Outlook
NNPC’s ₦28.54 trillion revenue and ₦2.99 trillion profit after tax underline the scale of its financial activity during the first eight months of 2026. Its ₦9.49 trillion in remittances also highlights the importance of distinguishing between the company’s operating income, earnings and payments to government accounts.
The company’s performance remains exposed to movements in international oil prices and changes in production, making monthly results an important indicator of how its financial position evolves.
For Nigeria, the figures offer insight into the performance of a major state-owned energy company and its payments to government accounts. However, the broader fiscal implications depend on the composition and timing of those remittances, as well as the government’s management of public revenue.
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