The Nigerian National Petroleum Company Limited (NNPC) recorded a sharp decline in financial performance in May 2026, with revenue falling by ₦636 billion from ₦4.971 trillion in April to ₦4.335 trillion, despite maintaining stable crude oil and gas production. Profit after tax also dipped from ₦481 billion to ₦462 billion, suggesting that market conditions and operational challenges affected earnings.
According to the company’s latest Monthly Report Summary, crude oil and condensate production remained steady at 1.73 million barrels per day, while natural gas production stood at 7,774 million standard cubic feet per day. Upstream pipeline availability was recorded at 98 per cent, although fuel availability at NNPC retail stations was lower at 57 per cent.
NNPC attributed the weaker financial performance to ongoing operational issues affecting production efficiency. The company said it is intensifying efforts to address declining reservoir pressure, lifting constraints, maintenance shutdowns, and facility reliability problems to reduce production losses and improve output in the coming months.
Despite the decline in revenue, the company contributed ₦4.858 trillion to the Federation between January and May 2026 through statutory payments, reinforcing its position as one of Nigeria’s largest revenue-generating institutions.
The report also highlighted progress on two major gas infrastructure projects. The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has reached 94 per cent completion and is expected to begin supplying gas to Abuja later this year, while the OB3 River Niger Crossing project is 97 per cent complete, with full commissioning targeted for the third quarter of 2026.
Beyond oil and gas operations, NNPC said it continued its corporate social responsibility initiatives through the NNPC Foundation. The company commissioned a 1.5 Tesla MRI machine and supporting equipment at the Nnamdi Azikiwe University Teaching Hospital in Nnewi, Anambra State, providing advanced diagnostic services and free MRI scans for patients during a medical training programme.
NNPC noted that all figures in the report remain provisional and subject to reconciliation. It added that it remains focused on improving operational efficiency, completing strategic infrastructure projects, and supporting the Federal Government’s efforts to increase crude oil production above two million barrels per day while driving industrialisation through its Decade of Gas programme.
