The Nigerian National Petroleum Company Limited recorded a marginal increase in revenue for February 2026, even as its profit after tax fell sharply during the same period.
In its latest monthly operational report released on Saturday, the company said revenue rose by 4.2 per cent to N2.68tn, up from N2.57tn posted in January.
However, profit after tax declined significantly by 64.67 per cent to N136bn, compared to N385bn recorded in the previous month.
The drop in profit was largely attributed to higher remittances to the Federation Account, following a presidential directive scrapping the 30 per cent retention on oil and gas profits. Consequently, the company’s remittance surged by 148.48 per cent, increasing from N726bn in January to N1.8tn in February.
Further analysis of the report showed a decline in crude oil and condensate sales, with total volumes dropping by 10.36 per cent to 23.08 million barrels, down from 25.75 million barrels in January.
Average daily crude oil production also dipped to 1.51 million barrels per day, compared to 1.64 million barrels per day recorded in the preceding month.
In contrast, gas production recorded a slight increase, rising by 2.4 per cent to 7,458 million standard cubic feet per day from 7,283 mmscfd in January.
The report highlights ongoing fluctuations in the company’s performance amid shifting fiscal policies and operational dynamics in the oil and gas sector.
