Nigeria's state-owned energy company, NNPC Limited, generated N28.54 trillion in revenue and posted N2.99 trillion in profit after tax between January and August 2026, according to an analysis of the firm's monthly financial reports. Over the same eight-month window, the company reported N9.487 trillion in remittances to relevant government accounts.
The monthly figures show an uneven performance across the period. January opened with N2.571 trillion in revenue and N385 billion in profit after tax, translating to a 15 per cent margin. Revenue rose to N2.680 trillion in February, but profit slumped to N136 billion, cutting the margin to 5.1 per cent. March brought a recovery, with revenue of N2.774 trillion and profit after tax of N276 billion, representing a 9.9 per cent margin.
Revenue peaked in April at N4.971 trillion, the highest monthly level in the eight-month review, alongside profit after tax of N481 billion and a 9.7 per cent margin. May recorded N4.335 trillion in revenue and N462 billion in profit, with the margin improving to 10.7 per cent. In June, revenue edged up to N4.389 trillion while profit after tax reached its period high of N535 billion, representing a 12.2 per cent margin.
Performance weakened in July, when revenue fell to N3.087 trillion and profit dropped to N279 billion, with a 9 per cent margin. August staged a recovery: revenue rose 21.1 per cent month-on-month to N3.737 trillion, and profit after tax climbed 54.5 per cent to N431 billion, lifting the margin to 11.5 per cent. The monthly results show revenue and profit did not always move in tandem; April delivered the strongest revenue, while June produced the highest profit after tax.
The company's figures came amid volatility in international crude oil prices. Brent crude traded above $100 per barrel during the height of the Middle East supply disruption before retreating as fears of prolonged disruption eased. Crude oil and condensate production averaged 1.68 million barrels per day in April, rose to 1.73 million barrels per day in May, the highest monthly level recorded in the first half of 2026, and stood at 1.72 million barrels per day in June.
NNPC's remittances of N9.487 trillion are recorded separately from revenue and profit. Revenue reflects income generated by the business, profit after tax accounts for expenses and tax, while remittances refer to payments made to relevant government accounts. In 2025, the company remitted N14.706 trillion in statutory payments to the Federal Government. Full-year 2025 profit after tax rose 33 per cent to N7.2 trillion from N5.4 trillion in 2024, despite a 24 per cent decline in revenue to N34.5 trillion.
