NNPC Remits N7.91tn Amid Crude Oil Production Decline
Nigeria's National Petroleum Company Limited (NNPC) has remitted N7.91 trillion to the Federation Account between January and July 2026, despite a decline in the country's crude oil and condensate production.
The NNPC recorded N3.09 trillion in revenue and N279 billion as profit after tax during the period under review.
Crude oil and condensate production fell steadily over the three-month period, declining from 1.73 million barrels per day in May to 1.68 million barrels per day in July due to operational challenges across several oil-producing assets.
The company attributed the decline in July production to a combination of operational disruptions, including facility outages, equipment unavailability, pipeline incidents, and production constraints.