NNPCL Reports N276bn Profit, Remittances Rise to N2.88trn in March

The Nigerian National Petroleum Company Limited (NNPCL) reported a sharp rise in profitability for March 2026, with profit after tax rising to N276 billion from N136 billion in February.

According to its monthly report, revenue for the period stood at N2.77 trillion, up from N2.68 trillion in the previous month, while crude oil and condensate production averaged 1.56 million barrels per day.

The company also recorded a significant increase in remittances to the Federation Account, which climbed to N2.88 trillion in March, compared with N1.80 trillion in February.

The surge in transfers followed the implementation of Executive Order No. 9, signed by President Bola Ahmed Tinubu in February 2026. The directive removed long-standing deductions for the Frontier Exploration Fund and upstream investment charges, allowing for direct remittance of royalties, taxes and oil revenues.

Crude oil output rose to 1.32 million barrels per day, while condensate production remained steady at 0.24 million barrels per day. However, crude sales volumes fell during the month, reflecting operational disruptions.

Gas production emerged as a key driver of performance, rising to 7,731 million standard cubic feet per day, the highest level recorded in the past year.

NNPCl attributed improved output partly to the early completion of maintenance work on the Bonga field, which was delivered ahead of schedule.

Operational challenges were also reported, including a leak on the Trans Forcados Pipeline at Keremor, which led to temporary production curtailments between February and March. The company said restoration efforts are ongoing to strengthen pipeline reliability and improve evacuation capacity.

Infrastructure progress was also recorded on major gas projects, including sections of the Ajaokuta–Kaduna–Kano Gas Pipeline, where welding works on a key spur have been completed and pre-commissioning is underway.

NNPCL said production gains were supported by improved operational efficiency across its upstream portfolio, despite intermittent disruptions affecting output during the period.