The Nigerian National Petroleum Company Limited (NNPCL) has announced that its revenue in May 2026, declined by 12.8 per cent.
It also stated in its Monthly Report Summary for May 2026 released on Wednesday that it generated N4.335 trillion compared with N4.971 trillion in April. This is inspite of improvements in crude oil and natural gas production.
The report stated that its Profit After Tax (PAT) fell by 2.27 per cent as it dimmed to N462 billion in May from N481 billion recorded in April.
It added the company remitted to the Federation Account a cumulative N4.858 trillion from January and May 2026 and specifically remitted N1.144 trillion in May to the Federation Account.
The report read in part: “Average crude oil and condensate output increased to 1.73 million barrels per day(mmbp/d) from 1.68mmbp/d in April 2026, representing a 2.98% increase.
“Natural gas production also rose to 7.774 million standard cubic feet per day (mmscf/d) from 7.730 mmscf/d, reflecting a modest 0.57% increase over the previous month.
“Key gas infrastructure projects such as Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 97% completion, as pre-commissioning and tie-in works advance towards full commissioning by the end of Q3 2026.
“Construction, installation and pre-commissioning activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline also progressed, supporting the target of early gas delivery to Abuja in 2026.
“Total revenue for the month stood at ₦4.335 billion, with cumulative statutory payments for the period of January to May 2026 at ₦4,858 billion.”
