Abuja, Nigeria – The Nigerian National Petroleum Company Limited (NNPC) recorded a sharp revenue decline in January 2026, with earnings falling to N2.57 trillion (1.7 billion USD) from N4.82 trillion in December 2025. The figures represent a 47% month-on-month contraction.
Okay News reports that the company’s Monthly Report Summary for January 2026 highlighted the significant revenue decline despite marginal improvement in profit after tax. Statutory payments to the Federation Account dropped to N726 billion from N1.27 trillion remitted in December.
Natural gas operations remained steady during the period. Natural gas production stood at 7.283 billion standard cubic feet per day. Gas sales reached 4.978 billion standard cubic feet per day in January.
Production increased month-on-month following completion of turnaround maintenance at Agbami and Renaissance fields. However, planned deliveries for January were hampered by bad weather, evacuation issues, and asset integrity challenges.
The figures reflect the oil and gas sector’s sensitivity to global crude price fluctuations, domestic production levels, and operational factors.
NNPC provided updates on strategic gas infrastructure projects. The Ajaokuta-Kaduna-Kano Gas Pipeline Project continued pre-commissioning activities with progress on Block Valve Stations and Intermediate Pigging Stations.
The Obiafu-Obrikom-Oben Gas Pipeline project completion has reached 96%. Drilling operations are advancing steadily at the critical River Niger crossing. These projects aim to strengthen Nigeria’s gas infrastructure and enhance supply reliability.
Despite the January revenue decline, NNPC remains a major contributor to government finances. Between January and December 2025, the company remitted N14.706 trillion to the Federal Government through taxes, royalties, and other statutory payments.
Total revenue for 2025 stood at N60.5 trillion. Profit after tax was N5.76 trillion. For the full year 2024, NNPC reported profit after tax of N5.4 trillion from total revenue of N45.1 trillion.
In December 2025, President Bola Tinubu approved cancellation of substantial debts owed by NNPC to the Federation Account. This wiped off approximately 1.42 billion and N5.57 trillion in obligations.
 recorded a sharp revenue decline in January 2026, with earnings falling to N2.57 trillion (1.7 billion USD) from N4.82 trillion in December 2025. The figures represent a 47% month-on-month contraction.){kind=link}