NNPCL revenue decline hits oil giant as crude sales fall sharply

The NNPCL revenue decline deepened in July 2026 as lower crude oil sales and production hit the state-owned oil company’s financial performance.

The Nigerian National Petroleum Company Limited (NNPCL) reported revenue of ₦3.08 trillion for the month. That represents a 29.5% fall from the ₦4.38 trillion recorded in June.

The company disclosed the figures in its monthly financial and operational report released on Tuesday.

According to the report, the fall in revenue was driven mainly by weaker crude oil and condensate sales.

NNPCL sold 22.53 million barrels of crude oil and condensate in July. In June, it sold 28.23 million barrels.

That means sales dropped by about 5.7 million barrels in one month, representing a 20.2% decline.

The sharp reduction in crude sales came as the company also faced lower production. Together, the weaker sales and output put pressure on its financial results.

The NNPCL revenue decline also affected the company’s profit after tax, although the figures provided in the report show that July was a weaker month financially than June.

The latest figures highlight the impact that changes in crude production and sales can have on Nigeria’s biggest state-owned energy company.

For Nigeria, the performance also matters because the petroleum sector remains a major source of government revenue and foreign exchange.

However, monthly figures can change because of production levels, crude prices, export volumes and operational conditions.

The July report therefore provides another indication of the financial pressure facing NNPCL as it manages its operations in a changing oil market.

NNPCL’s performance will remain closely watched as Nigeria seeks to increase crude production, strengthen energy revenues and improve the efficiency of its petroleum industry.