NNPCL revenue, profit after tax drop significantly to N3.08tn, N279bn

The Nigerian National Petroleum Company Limited, NNPCL, recorded a important diminution successful gross and nett aft tax, PAT, successful July 2026, amid little crude lipid income and production.

The state-owned lipid institution disclosed this successful its monthly fiscal and operational study released on Tuesday.

NNPCL’s gross fell by 29.5 per cent to N3.08 trillion successful July, down from N4.38 trillion recorded successful June.

The diminution was driven mostly by a 20.2 per cent driblet successful crude lipid and condensate sales. The institution sold 22.53 cardinal barrels successful July, compared with 28.23 cardinal barrels successful the erstwhile month.

Similarly, NNPCL’s nett aft taxation plunged by 47.9 per cent to N279 cardinal successful July, from N535 cardinal successful June.

Gas income besides declined by 7.8 per cent to 4.58 cardinal modular cubic feet per time (mmscfd) successful July, compared with 4.97 mmscfd successful June.

Meanwhile, NNPCL said it remitted N7.91 trillion to the Federation Account betwixt January and July 2026.

The institution besides reported a 2.3 per cent diminution successful crude lipid and condensate production, which fell to 1.68 cardinal barrels per time (bpd) successful July from 1.72 cardinal bpd successful June.

The July accumulation fig comprised 1.44 cardinal bpd of crude lipid and 240,000 bpd of condensate, compared with 1.47 cardinal bpd of crude and 250,000 bpd of condensate successful June.

Crude lipid accumulation consequently declined by t...