The Nigerian National Petroleum Company (NNPC) Limited remitted about N7.91 trillion in statutory payments to the Federal Government between January and July 2026.
The figure appeared in the company’s July 2026 performance report, released on Wednesday. Monthly remittances rose to N1.63 trillion in July, up from N1.43 trillion in June, bringing total payments for the first seven months to N7.91 trillion.
The figures highlight the state oil company’s continued commercial activity and progress across its upstream and midstream operations.
The increase in NNPC statutory payments came amid the implementation of Executive Order 9, signed by President Bola Tinubu earlier in 2026. The order removed NNPC’s previous authority to deduct certain statutory obligations at source, including the 30 per cent Frontier Exploration Fund and 30 per cent management fees.
Despite the higher remittances, the company recorded a sharp decline in July earnings. Profit after tax fell 48 per cent, dropping from N535 billion in June to N279 billion. Revenue also declined by 31.5 per cent, from N4.38 trillion to N3 trillion.
NNPC attributed the weaker performance to lower crude oil sales and reduced gas output. Crude sales fell to 21 million barrels in July, while daily crude oil and condensate production stood at 1.68 million barrels per day.
The company linked the lower crude volumes to facility outages, equipment shortages, pipeline incidents and other production constraints.
Gas sales also declined to 4,581 million standard cubic feet per day (mmscf/d) from 4,970 mmscf/d in June, while gas production stood at 7,489 mmscf/d.
Meanwhile, PMS availability across NNPC Retail Limited stood at 52 per cent in July. Upstream pipeline infrastructure recorded 100 per cent operational uptime.
The OB3 gas pipeline project reached 100 per cent completion, while the AKK pipeline reached 95 per cent.
To improve performance, NNPC plans to strengthen preventive maintenance, reduce unplanned downtime and improve facility reliability. It will also optimise exports through the Forcados Export Platform and Nembe Export Project, improve crude evacuation at Akpo and Erha fields, and restore barging operations at Obodo.
Can NNPC’s recovery measures reverse the decline in July’s financial performance?
