Oil revenue rose to N2.68trn as February output dipped— NNPC

Nigerian National Petroleum Company Limited (NNPC) said it grew its revenue to N2.68 trillion, up from N2.57 trillion in January despite a dip in crude oil and condensate output to an average of 1.51 million barrels per day (mbpd) in February.

NNPC attributed the production dip to the Trans Forcados pipeline outage and other maintenance and management issues.

The NNPC said it also remitted N1.804 trillion to the federation account in February.

The NNPC’s February monthly report summary, released on Saturday, attributed the production dip to the Trans Forcados pipeline outage due to integrity issues, startup challenges at Stardeep Agbami GTC 2 and 3 post-turnaround maintenance.

Others, according to the report, include delays at the Sterling Oguali flow station and sludge-management constraints at the Enyie wells.

It said that despite these hurdles, financial indicators strengthened, though profit after tax (PAT) declined to N136 billion in February from N385 billion in January.

It emphasised ongoing stabilisation efforts, including improved asset reliability, faster evacuation resolutions, and progress on the AKK gas pipeline to deliver gas early to Abuja, positioning the sector for potential recovery.

The report highlighted improvements across key financial and operational indicators.

“Major highlights include total revenue rising to N2.68 trillion in February from N2.57 trillion in January.

“Statutory remittances surged to N1.804 trillion, up from N726 billion in the previous month, PAT stood at N136 billion, indicating improved profitability, and crude oil and condensate production averaged 1.51 million bpd in February.

“NNPC’s improved remittance performance follows recent policy changes aimed at strengthening revenue transparency in the oil and gas sector,” it said.

On the AKK gas pipeline, the company said it “progressed construction and installation works aimed at delivering early gas to Abuja”.

It highlighted the timely delivery of critical infrastructure as a key factor supporting production, and increased collaboration with operators and stakeholders has also contributed to the recovery of production across key assets.

In February 2026, President Bola Tinubu signed an executive order to overhaul revenue remittance practices.

The directive suspended the collection of management and frontier exploration fees by NNPC Ltd.

It also mandated the full remittance of oil and gas revenues to the Federation Account.

The Executive Order also establishes an inter-agency implementation committee, chaired by the Minister of Finance and the Coordinating Minister for the Economy, to ensure seamless execution.

These measures are part of broader reforms to align revenue flows with constitutional provisions and improve accountability.