The Nigerian National Petroleum Company Limited (NNPCL) recorded ₦33.15tn in revenue between January and September 2026, representing a 28.3 per cent decline from the ₦46.26tn generated during the corresponding period of 2025.
Despite the revenue decline, the national oil company paid ₦11.14tn in statutory contributions to the Federation Account within the nine-month period, underscoring its continued fiscal importance to the Federal Government and the other tiers of government.
The figures were contained in NNPCL's September 2026 Monthly Operations and Financial Report released on Tuesday. They show that the company's revenue performance remained significantly below last year's level, despite a recovery in monthly earnings towards the end of the third quarter.
NNPCL generated ₦4.608tn in September, up from approximately ₦3.737tn in August, representing a month-on-month increase of about 23.3 per cent. Its profit after tax also rose to ₦509bn from ₦431bn in August, indicating an 18.1 per cent improvement.
However, the September recovery was insufficient to offset weaker earnings recorded earlier in the year. NNPCL's revenue stood at ₦2.571tn in January, ₦2.680tn in February and ₦2.774tn in March before rising sharply to ₦4.971tn in April.
The company subsequently generated ₦4.335tn in May and ₦4.389tn in June, before revenue declined to ₦3.087tn in July. The subsequent recovery in August and September brought its cumulative nine-month revenue to ₦33.15tn.
By comparison, NNPCL generated ₦46.26tn during the first nine months of 2025, with particularly strong monthly earnings in February, when revenue reached ₦6.624tn. The difference between both periods represents a revenue shortfall of approximately ₦13.11tn.
The latest figures also extend the weaker revenue trend reflected in the company's 2025 full-year financial performance. NNPCL previously reported a 24 per cent decline in annual revenue to ₦34.5tn in 2025, compared with ₦45.1tn in 2024. However, its profit after tax increased by 33 per cent to ₦7.2tn, while earnings before interest, taxes, depreciation and amortisation rose to ₦18tn.
On its contribution to public finances, NNPCL's statutory payments to the Federation Account reached ₦11.14tn between January and September 2026, compared with approximately ₦11.56tn during the corresponding period of 2025.
The September contribution added approximately ₦1.65tn to the cumulative statutory payments reported at the end of August. This represented an increase from the ₦9.49tn recorded during the first eight months of 2026. These payments are separate from the company's revenue and profit figures, as they represent statutory remittances to the federation.
Operationally, NNPCL reported total hydrocarbon production of 3.04 million barrels of oil equivalent per day in September, compared with 3.01 million barrels of oil equivalent per day in August.
Crude oil and condensate production stood at 1.70 million barrels per day, while natural gas production increased to 7,789 million standard cubic feet per day from 7,680 million standard cubic feet per day in the preceding month.
The production figures indicate a modest improvement in operational performance, although the increase has yet to translate into a reversal of the company's weaker nine-month revenue position. The relationship between production, realised prices, sales volumes and statutory obligations will remain important in assessing NNPCL's financial performance in the remaining months of 2026.