NNPC Remits N2.89trn to Federation Account in Three Months

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited remitted a total of N2.89 trillion to the Federation Account in the first quarter of 2026.

The state-owned oil company also added that its revenue rose to N2.774 trillion (up by 3.51 per cent from the February 2026 report) and that it made a profit after tax of N276 billion (up by approximately 102.94 per cent from February 2026).

These were contained in the company’s latest operational performance summary for March 2026, released on Monday.

According to the report, the country’s official crude oil and condensate output rose to 1.56 million barrels of oil per day while gas production climbed to 7,731 million standard cubic feet per day, representing increases of approximately 3.31 per cent and 3.66 per cent respectively, compared with the February 2026 report.

It added that gas production for the month reached its highest level in the trailing 12-month period covered by the report.

According to the statement, its Upstream pipeline availability was 76 per cent. This measures the readiness as well as operational status of pipelines that transport raw natural gas or crude oil from production sites to terminals or transmission pipelines.

The report read in part: “We also highlight key milestones, including the early completion of the OML 118 Bonga Turnaround Maintenance, delivered 12 days ahead of schedule, as well as the completed welding of the 24″ spur line to the Gwagwalada Independent Power Plant on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with drilling operations on the Obiafu-Obrikom-Oben (OB3) Gas Pipeline River Niger Crossing continuing as scheduled.”