NNPC remits N7.9tn to Federation Account in seven months
NNPC Limited remitted N7.91tn to the Federation Account from January to July 2026, despite a drop in crude oil production. Get the full report here. Read More: https://punchng.com/nnpc-remits-n7-9tn-to-federation-account-in-seven-months/
The Nigerian National Petroleum Company Limited (NNPC) transferred N7.91 trillion to the Federation Account between January and July 2026, despite a decline in crude oil and condensate production to 1.68 million barrels per day in July. This was reported in the NNPC's July 2026 operational and financial performance. The company reported N3.09 trillion in revenue and N279 billion in profit after tax during the period.
The decline in production was due to operational disruptions such as facility outages, equipment unavailability, pipeline incidents, and production constraints. NNPC stated that the measures to improve production would include optimizing export operations, developing incremental production opportunities, and strengthening operational reliability.
Gas infrastructure saw 100% availability of the upstream pipeline network, and pre-commissioning activities were completed on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline. NNPC also disclosed natural gas production at 7.49 billion standard cubic feet per day and gas sales at 4.6 billion standard cubic feet per day. All figures are provisional and subject to reconciliation with relevant stakeholders.
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