The Nigerian National Petroleum Company Limited (NNPC Limited) has recorded a cumulative profit after tax of ₦3.494 trillion for the first nine months of 2026, reflecting sustained profitability in its operations during the period.
The company’s financial performance was supported by an improvement in September earnings, with monthly profit increasing by 18.1 per cent compared with the previous month.
According to the September 2026 Monthly Operations and Financial Report, NNPC recorded a profit after tax of ₦509 billion in September, compared with ₦431 billion in August.
The latest figures bring the company’s cumulative profit for January to September to ₦3.494 trillion.
The performance is significant for Nigeria’s oil and gas sector, where the financial position of the national petroleum company remains closely connected to government revenue, energy production and investment in infrastructure.
NNPC also reported total revenue of ₦33.152 trillion during the nine-month period, reflecting the scale of its commercial activities across the petroleum industry.
Monthly profit performance
The company’s reported figures showed that NNPC recorded varying profit levels throughout the first nine months of the year.
Its profit after tax stood at ₦385 billion in January before declining to ₦136 billion in February.
The company subsequently recorded ₦276 billion in March and ₦481 billion in April.
Profit increased to ₦462 billion in May and reached ₦535 billion in June.
The company recorded ₦279 billion in July before improving to ₦431 billion in August and ₦509 billion in September.
The September figure represented an 18.1 per cent increase compared with August.
The improvement suggests stronger monthly financial performance during the period, although the company’s overall profitability will continue to depend on production levels, operating costs, petroleum prices and other market conditions.
Revenue increases to ₦33.152 trillion
NNPC generated ₦33.152 trillion in revenue between January and September 2026.
Its September revenue increased by 23.3 per cent to ₦4.608 trillion from ₦3.737 trillion in August.
The monthly revenue breakdown showed that the company generated ₦2.571 trillion in January and ₦2.680 trillion in February.
Revenue increased to ₦2.774 trillion in March before reaching ₦4.971 trillion in April.
The company subsequently recorded ₦4.335 trillion in May and ₦4.389 trillion in June.
Revenue declined to ₦3.087 trillion in July before recovering to ₦3.737 trillion in August.
The September increase brought monthly revenue to ₦4.608 trillion.
The figures highlight the importance of NNPC’s petroleum production, trading and other commercial activities to its overall financial performance.
However, revenue and profit measure different aspects of a company’s financial position.
While revenue represents income generated from business activities, profit reflects the amount remaining after relevant expenses and other costs have been accounted for.
Contributions to government revenue
The report also highlighted NNPC’s contributions to the Federation Account and other statutory remittances.
According to the reported figures, payments reached ₦11.14 trillion during the first nine months of 2026.
This represented an increase of approximately 17.4 per cent compared with the ₦9.49 trillion recorded between January and August.
The contributions are important because oil and gas revenue remains a significant component of Nigeria’s public finances.
Funds paid into the Federation Account support revenue distribution among the federal, state and local governments in accordance with applicable financial arrangements.
The increase in reported remittances therefore provides an important indicator of the company’s contribution to public revenue.
Nevertheless, NNPC’s reported profit should not be confused with the amount directly available to the government.
The company’s profit, revenue and statutory payments are separate financial measures.
Production and gas infrastructure
Beyond its financial results, NNPC reported average crude oil and condensate production of 1.70 million barrels per day in September.
Natural gas output also increased during the month.
The company recorded 7,789 million standard cubic feet per day of gas production, compared with 7,680 million standard cubic feet per day in August.
Total hydrocarbon production, including crude oil, condensate and natural gas expressed in oil equivalent, averaged 3.04 million barrels of oil equivalent per day during the reported period.
The company also reported 100 per cent availability of its upstream pipeline infrastructure in September.
On gas infrastructure, NNPC stated that the Obiafu-Obrikom-Oben Gas Pipeline had reached 100 per cent completion.
The Ajaokuta-Kaduna-Kano Gas Pipeline was reported to be 95 per cent complete.
The OB3 River Niger Crossing pipeline had also been commissioned and put into operation.
The company said it was working with relevant stakeholders to accelerate construction and pre-commissioning activities on the AKK project, with the objective of commencing early gas supply to Abuja before the end of 2026.
What the results mean for Nigeria
NNPC’s financial performance provides an important indication of activity within Nigeria’s petroleum industry.
Improved revenue and profitability could strengthen the company’s ability to meet its financial obligations and support investment in energy infrastructure.
However, sustaining these results will require continued attention to production efficiency, pipeline availability, infrastructure security and investment.
Nigeria also faces the broader challenge of ensuring that improved oil and gas performance translates into stronger energy supply, industrial development and government revenue.
The September report therefore provides an important snapshot of the company’s performance, while its future results will depend on operational efficiency and conditions in the international energy market.
