NNPC Profit Plunges by Nearly Half Amid Weaker Oil Production

The Nigerian National Petroleum Company Limited (NNPC Ltd) reported a significant drop in profit after tax for July 2026, declining by 47.9% to ₦279 billion from the previous month's ₦535 billion.

This decline was attributed to weaker crude oil and gas production, as well as lower crude and condensate sales during the month. Crude oil and condensate production averaged 1.68 million barrels per day in July, compared with 1.72 million barrels per day in June.

Despite the sharp decline in profit, NNPC remains a major contributor to government revenue, remitting ₦7.913 trillion to the Federation between January and July 2026.