NNPCL revenue drops to N4.335tn in May despite steady oil and gas output
NNPCL's revenue fell to N4.335 trillion in May 2026 from N4.97 trillion in April, while profit after tax slipped to N462 billion from N481 billion, a roughly 4% decline. Despite the dip in earnings, upstream production held steady at an average of 1.73 million barrels of crude oil and condensate per day and natural gas output remained at 7,774 million standard cubic feet per day.
The company remitted N4.858 trillion in statutory payments between January and May, including taxes, royalties and other obligations to the Federation. Work continued on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with early gas delivery to Abuja targeted for 2026, and on the Obiafu-Obrikom-Oben (OB3) line, which is expected to be fully commissioned by the end of Q3 2026. These projects aim to boost domestic gas supply and support industrial and power-sector growth.
The Federal Government says it will keep pushing for higher crude output and gas development to raise revenue, improve energy security and attract investment. With earnings slipping while output holds steady, will NNPCL need to adjust pricing, cut costs, or rely more on gas-related income to meet its fiscal targets?