NNPC posts N385bn revenue as oil output rises

The Nigerian Nationwide Petroleum Firm Restricted recorded a revenue after tax of N385bn in January 2026, whilst crude oil and condensate manufacturing rose to 1.64 million barrels per day, based on the agency’s newest month-to-month operational report.

The January 2026 NNPC Month-to-month Report Abstract, launched on Monday, confirmed that the state-owned vitality firm generated N2.571tn in income in the course of the month whereas remitting N726bn as statutory funds to the Federation.

This implies the corporate recorded a pointy 47 per cent decline in its month-to-month income, which fell from N4.82tn in December 2025 to N2.57tn in January 2026. This contraction got here regardless of a marginal enhance within the firm’s revenue after tax.

The report indicated that manufacturing restoration in the course of the month was pushed largely by the completion of upkeep work at key offshore property, significantly the Agbami subject, in addition to operational enhancements in different upstream amenities.

It disclosed that Nigeria produced 1.64 million barrels per day, up from 1.55 million barrels per day recorded in December 2025. This represents a rise of 0.09mbpd, or about 5.8 per cent month-on-month.

The event signifies a partial restoration from the manufacturing slowdown recorded within the final quarter of 2025, when output had slipped to round 1.54mbpd in October and 1.55mbpd in December.

In response to the report, “Manufacturing elevated month-on-month following the completion of Flip Round Upkeep at Agbami and Renaissance (Estuary Space – EA).”

Nevertheless, the corporate famous that operational challenges nonetheless affected crude supply volumes.

 It acknowledged, “Regardless of the improved manufacturing profile, deliberate deliveries for January have been diminished as a consequence of adversarial climate circumstances, evacuation constraints, and asset integrity challenges throughout some manufacturing corridors.”

The report additionally confirmed that pure gasoline manufacturing rose to 7,283 million normal cubic ft per day, representing a rebound from 6,914 mmscf/d recorded in December 2025.

Fuel manufacturing had fluctuated all through 2025, reaching a excessive of about 7,722 mmscf/d in July earlier than declining later within the yr as a consequence of operational and provide disruptions. This interprets to a rise of 369mmscf/d, representing a 5.3 per cent rise month-on-month.

The rebound suggests stronger upstream efficiency after a number of months of fluctuations in 2025, when gasoline manufacturing fell sharply to six,284mmscf/d in September earlier than step by step recovering in direction of the top of the yr.

Regardless of these fluctuations, gasoline manufacturing in January mirrored renewed output stability as infrastructure upgrades and upstream operations improved. Fuel gross sales additionally strengthened in the course of the interval, with the report indicating that the corporate bought about 4,978 mmscf/d of gasoline, one of many highest ranges recorded inside the previous yr.

The rise of 224mmscf/d represents development of about 4.7 per cent month-on-month. This implies improved gasoline supply to energy crops, industrial customers, and export channels.

On the gross sales entrance, the January report recorded 24.75 million barrels of mixed crude and condensate gross sales, in contrast with 22.79 million barrels in December 2025.

Month-to-month crude gross sales ranged between roughly 17.81 million barrels in September 2025 and about 26.71 million barrels in October, reflecting periodic disruptions linked to logistics, safety considerations, and export terminal operations. The report famous that improved manufacturing from offshore property contributed to the upper January gross sales figures.

Nigeria’s crude output has been intently watched by the federal government and international markets, significantly because the nation seeks to stabilise manufacturing above 1.5 million barrels per day after years of losses attributable to oil theft, pipeline vandalism and underinvestment.

Regardless of the advance in upstream operations, the report confirmed that petrol availability throughout NNPC Retail Restricted stations stood at solely 54 per cent in January.

The “wetness” indicator utilized by the corporate displays the share of stations nationwide which have petrol out there on the market at any given time. Whereas a number of states recorded average provide ranges, the map contained within the report confirmed variations in product availability throughout the nation.

The event comes amid continued changes in Nigeria’s downstream petroleum market following the deregulation of petrol pricing and elevated provide from home refineries. The report additionally highlighted main progress on strategic gasoline infrastructure tasks designed to spice up Nigeria’s gasoline transportation capability.

In response to NNPC, work on the Ajaokuta–Kaduna–Kano gasoline pipeline venture has reached 92 per cent completion, with pre-commissioning actions persevering with on the mainline infrastructure.

The corporate stated, “Pre-commissioning actions on the AKK pipeline progressed considerably with main milestones achieved throughout the mainline, block valve stations, and intermediate pigging stations.”

The AKK pipeline is a key element of Nigeria’s gasoline enlargement programme and is anticipated to move pure gasoline from the southern area to industrial hubs in northern Nigeria.

Equally, the Obiafu–Obrikom–Oben gasoline pipeline venture, broadly generally known as the OB3 pipeline, has reached 96 per cent completion, with drilling actions on the Niger River crossing progressing based on schedule.

NNPC famous that the pipeline venture will assist enhance gasoline provide reliability to energy crops and industries throughout the nation as soon as accomplished. The report additional indicated that upstream pipeline availability improved to 96 per cent, reflecting ongoing efforts by the corporate to reinforce asset reliability and scale back disruptions attributable to vandalism and technical faults.

Pipeline integrity has remained a significant concern in Nigeria’s oil trade, with theft and sabotage traditionally chargeable for vital manufacturing losses. Nevertheless, the improved availability means that current safety and monitoring measures applied by operators and authorities companies could also be yielding outcomes.

Nigeria, Africa’s largest oil producer, has struggled lately to satisfy its manufacturing targets below the Group of the Petroleum Exporting Nations quota system as a consequence of widespread crude theft, ageing infrastructure, and operational challenges.

Authorities authorities and trade operators have since intensified efforts to revive output, together with enhanced surveillance of pipelines, improved asset upkeep, and accelerated investments in gasoline infrastructure.

The newest NNPC report means that these efforts could also be starting to stabilise manufacturing ranges. Nevertheless, analysts say sustaining output above 1.6 million barrels per day will rely upon continued safety enhancements, infrastructure upgrades, and elevated upstream funding.