NNPC revenue drops to N4.34 trillion, May profit falls to N462 billion
By Aboki Forex —
The Nigerian National Petroleum Company Limited recorded lower revenue and profit in May 2026. This happened even as crude oil and natural gas production remained stable.
Revenue declined to N4.335 trillion in May. That is down from N4.97 trillion in April. Profit after tax fell to N462 billion from N481 billion over the same period. That is a drop of about 4 percent.
Combined crude oil and condensate production averaged 1.73 million barrels per day in May. Natural gas production stood at 7,774 million standard cubic feet per day. The report shows that while production held steady, earnings came under pressure from changing market conditions.
NNPC also made progress on key gas infrastructure projects. The company remitted N4.858 trillion in statutory payments between January and May 2026. This includes taxes, royalties and other obligations to the Federation.
Construction and equipment installation on the Ajaokuta-Kaduna-Kano Gas Pipeline advanced during the month. Early gas delivery to Abuja is targeted for 2026. The Obiafu-Obrikom-Oben Gas Pipeline also saw progress. Pre-commissioning and tie-in works are ongoing. The company expects the OB3 pipeline to be fully commissioned by the end of the third quarter of 2026.
The completion of both projects is expected to improve gas transportation. It should also strengthen domestic supply and support industrial and power sector development. The decline in revenue and profit points to softer earnings for NNPC in May, even as production levels stayed stable.