By Zainab Bakare
The Nigerian National Petroleum Company Limited (NNPCL) has announced a total remittance of N2.888 trillion to the Federation Account between January and March 2026, underscoring strong financial performance in the first quarter of the year.
According to its Monthly Report Summary for March 2026, the national oil company recorded a profit after tax of N276 billion, representing a 102.94 per cent increase compared to its February 2026 performance.
The report also showed that NNPCL generated N2.774 trillion in revenue during the review period, reflecting a 3.51 per cent month-on-month rise.
“The report covers key figures, including revenue of N2,774 billion (up by 3.51 per cent from the February 2026 report), profit after tax of N276 billion (up by approximately 102.94 per cent from the February 2026 report), cumulative statutory payments of N2,888 billion for January to March, strategic initiatives during the period, and more,” the company stated.
On the operational front, NNPCL reported improvements in production output, with crude oil and condensate production increasing to 1.56 million barrels per day, while gas production rose to 7,731 million standard cubic feet per day.
These figures represent increases of 3.31 per cent and 3.66 per cent respectively compared to February 2026, with gas production reaching its highest level in the past 12 months.
Highlighting key project milestones, the company noted the early completion of turnaround maintenance on the OML 118 Bonga facility, delivered 12 days ahead of schedule.
It also confirmed progress on major gas infrastructure, including the successful welding of the 24-inch spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano Gas Pipeline.
“We also highlight key milestones, including the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule, as well as the completed welding of the 24” spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing continuing as scheduled,” the report added.
The report also showed that NNPCL generated N2.774 trillion in revenue during the review period, reflecting a 3.51 per cent month-on-month rise.
“The report covers key figures, including revenue of N2,774 billion (up by 3.51 per cent from the February 2026 report), profit after tax of N276 billion (up by approximately 102.94 per cent from the February 2026 report), cumulative statutory payments of N2,888 billion for January to March, strategic initiatives during the period, and more,” the company stated.
On the operational front, NNPCL reported improvements in production output, with crude oil and condensate production increasing to 1.56 million barrels per day, while gas production rose to 7,731 million standard cubic feet per day.
These figures represent increases of 3.31 per cent and 3.66 per cent respectively compared to February 2026, with gas production reaching its highest level in the past 12 months.
Highlighting key project milestones, the company noted the early completion of turnaround maintenance on the OML 118 Bonga facility, delivered 12 days ahead of schedule.
It also confirmed progress on major gas infrastructure, including the successful welding of the 24-inch spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano Gas Pipeline.
“We also highlight key milestones, including the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule, as well as the completed welding of the 24” spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing continuing as scheduled,” the report added.
