NNPC profit rises to ₦535bn as oil output hits 1.72mbpd
NNPC recorded a profit after tax of ₦535 billion in June, with crude oil and condensate production rising to 1.72 million barrels per day, according to its latest monthly report.
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of ₦535 billion in June 2026, while its crude oil and condensate production rose to 1.72 million barrels per day, the company’s latest monthly report stated. The profit figure recorded is ₦73 billion (15.8 per cent) higher than the ₦462 billion posted in May.
According to the company’s Monthly Report Summary published on Friday, NNPC generated ₦4.389 trillion in revenue during the month and made statutory payments of ₦6.286 trillion between January and June. A review of the report’s graphical representation indicated that crude oil and condensate production decreased from 1.73 million barrels per day in May to 1.72 million barrels per day in June. The June figure comprised 1.47 million barrels per day of crude oil and 250,000 barrels per day of condensate.
Natural gas production increased to 7.841 billion standard cubic feet per day in June, the highest monthly volume recorded during the 12 months covered by the report. Gas production rose from 7.774 billion standard cubic feet per day in May to 7.730 billion standard cubic feet per day in April. Crude oil and condensate sales declined to 28.23 million barrels in June from 28.64 million barrels in October 2025, the report showed.
The report shows that NNPC is performing well financially, with significant profits and revenue. The increase in oil output is a positive sign for the Nigerian economy, as it generates revenue for the government. However, the decline in oil sales is a concern, as it suggests that demand for Nigerian crude may be weakening.
This echoes the 2020 NNPC profit surge, which also reflected strong oil prices and production. The mechanism then was different, but the result was the same: a state oil company performing well.
The winners: NNPC, which has recorded strong profits; and the Nigerian government, which benefits from the revenue. The losers: the Nigerian public, who have yet to see the benefits of the oil revenues; and the Nigerian economy, which remains dependent on oil.
Bottom Line: NNPC has recorded ₦535 billion in profit. Oil production is up. Gas production is at a record. The question is whether the profits will be used to benefit Nigerians or just line the pockets of the elite.