The Nigerian National Petroleum Company Limited generated N33.15 trillion in revenue between January and September 2026, representing a 28.3 per cent or N13.11tn decline compared with the N46.26tn recorded in the corresponding period of 2025.
The national company also paid a total of N11.14tn to the Federation Account as statutory payments between January and September 2026.
An analysis of the company’s monthly financial reports showed that the state-owned oil company earned N13.11tn less in the first nine months of 2026 than it generated in the same period last year, highlighting the pressure on its revenue performance despite improvements in some of its production indicators.
The decline came despite a strong September performance, when NNPC’s revenue increased to N4.608tn from approximately N3.74tn in August, representing a month-on-month growth of about 23.3 per cent.
The company also recorded a profit after tax of N509bn in September, an 18.1 per cent increase from the N431bn reported in August.
The figures were contained in NNPC’s September 2026 Monthly Operations and Financial Report released on Tuesday.
A breakdown of the revenue figures showed that NNPC generated N2.571tn in January, N2.680tn in February and N2.774tn in March.
Its earnings subsequently rose sharply to N4.971tn in April before moderating to N4.335tn in May and N4.389tn in June.
Revenue dropped to N3.087tn in July before recovering to N3.737tn in August and N4.608tn in September.
The September performance represented the company’s strongest monthly revenue since April, when it generated almost N5tn.
However, the improvement was insufficient to reverse the revenue shortfall accumulated during the year, leaving its nine-month earnings significantly below the previous year’s performance.
A comparison with the 2025 monthly reports showed that NNPC generated N3.824tn in January, N6.624tn in February, N5.475tn in March, N5.891tn in April and N6.008tn in May.
The company subsequently recorded N5.105tn in June, N4.406tn in July, N4.655tn in August and N4.269tn in September.
The combined figure of N46.257tn represented a considerably stronger revenue performance than the N33.152tn recorded in the first nine months of 2026.
The latest performance is coming against the backdrop of NNPC’s full-year 2025 financial results, which showed that its revenue declined by 24 per cent to N34.5tn from N45.1tn in 2024.
Despite the revenue decline, its profit after tax increased by 33 per cent to N7.2tn from N5.4tn, while earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18tn.
Meanwhile, the company’s statutory payments to the Federation Account reached N11.14tn between January and September 2026, representing an increase of 17.4 per cent over the N9.49tn recorded in the first eight months of the year.
The September figure added approximately N1.65tn to the cumulative statutory payments reported at the end of August.
A comparison with the monthly statutory payment figures contained in NNPC’s 2025 report showed that the company remitted approximately N11.56tn between January and September last year.
This indicates that the company’s cumulative statutory payments in the first nine months of 2026 were about N417bn, or 3.6 per cent, lower than the corresponding 2025 figure.
The statutory payments comprise a different financial measure from revenue and profit, reflecting the company’s payments to the federation rather than its total business earnings.
On the operational front, NNPC reported total hydrocarbon production of 3.04 million barrels of oil equivalent per day in September, compared with 3.01 million barrels recorded in August.
Crude oil and condensate production stood at 1.70 million barrels per day, while natural gas production increased to 7,789 million standard cubic feet per day from 7,680 million standard cubic feet per day in August.