By Oke Peter
The Nigerian National Petroleum Company Limited (NNPC) has released its monthly performance report for February 2026, showing a mixed financial outcome marked by higher revenue and a recorded profit of ₦136 billion despite operational challenges.
According to the report, NNPC generated total revenue of ₦2.68 trillion in February 2026, reflecting an increase from ₦2.57 trillion recorded in January. The growth was driven by improved sales performance and sustained market activity across its upstream and downstream operations.
The company, however, posted a profit after tax of ₦136 billion, representing a significant decline compared to the previous month’s ₦385 billion. The drop was attributed to increased remittances to the federal government and adjustments in its financial structure, including the removal of the 30 percent profit retention previously allowed.
On the production side, crude oil and condensate output recorded a downturn during the period under review. Total sales volume fell to 23.08 million barrels, a drop of more than 10 percent compared to January, while average daily production declined to 1.51 million barrels per day from 1.64 million barrels per day.
In contrast, the gas segment posted a slight improvement, with production rising to 7,458 million standard cubic feet per day from 7,283 mmscfd in January. This modest increase helped provide some balance to the overall production performance for the month.
The report also showed a sharp rise in remittances to the federal government, which surged to ₦1.8 trillion in February from ₦726 billion in January. This increase highlights stronger fiscal transfers from NNPC despite the pressure on profitability.
Overall, the February 2026 performance reflects a company that remains profitable at ₦136 billion but is facing production constraints and profit compression. Analysts note that sustaining revenue growth while stabilizing output will be critical to improving future earnings.
