The Nigerian National Petroleum Company Limited (NNPC Limited) has reported a significant increase in its financial performance for March 2026, posting a profit after tax of N276 billion, up from N136 billion recorded in February.
According to its latest monthly report released on Monday, revenue rose to N2.77 trillion in March, reflecting a 3.51 per cent increase from the previous month. The company also disclosed that crude oil and condensate production averaged 1.56 million barrels per day during the period.
A major highlight of the report is the sharp rise in remittances to the Federation Account, which surged to N2.88 trillion in March, compared to N1.80 trillion in February, representing a 60 per cent increase.
The improved remittance performance follows the implementation of Executive Order No. 9 signed by President Bola Tinubu in February 2026. The order removed deductions previously allocated to the Frontier Exploration Fund and upstream investment costs, mandating direct remittance of royalties, taxes, and oil and gas revenues into the Federation Account.
Despite the strong financial results, crude oil production remained relatively stable at 1.56 million barrels per day, slightly higher than January levels. However, crude oil sales declined to 17.27 million barrels in March from over 22 million barrels in February, indicating ongoing evacuation and logistics constraints.
Gas production recorded stronger growth, rising to 7,731 million standard cubic feet per day the highest level in the past 12 months. The company attributed the increase to improved operational efficiency and the early completion of maintenance activities at the OML 118 Bonga field, operated by Shell Nigeria Exploration and Production Company.
However, production was affected by disruptions, including a leak on the Trans Forcados Pipeline at Keremor, which led to temporary output curtailments between February and March.
NNPC also reported progress on major infrastructure projects, including the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and the Obiafu–Obrikom–Oben (OB3) River Niger crossing, both aimed at boosting domestic gas supply and power generation capacity.
Despite improvements in output and revenue, downstream indicators such as petrol availability at retail stations remained at about 56 per cent nationwide.
The company noted that all figures remain provisional and subject to reconciliation with relevant stakeholders. Overall, the March report reflects a period of improved profitability and rising gas production, although operational and infrastructure challenges continue to affect crude evacuation and supply stability.
