By Seun Ibiyemi
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a significant increase in revenue and profitability in April 2026, driven by higher crude oil production and improved operational performance.
According to the company’s April 2026 operational and financial report released over the Weekend, revenue surged to N4.97 trillion in April from N2.77 trillion recorded in March, representing a month-on-month increase of approximately 79 per cent.
The strong performance signals a robust start to the second quarter of the year as NNPC intensifies efforts to boost hydrocarbon production, improve operational efficiency and expand critical gas infrastructure across the country.
The report showed that profit after tax rose sharply to N481 billion in April, compared to N276 billion recorded in March, reflecting stronger earnings performance and improved operational outcomes.
Crude oil and condensate production also recorded notable growth during the period, rising to 1.68 million barrels per day (mbpd) from 1.56 million barrels per day in the previous month.
The increase in production contributed significantly to higher revenue generation and enhanced the company’s contribution to government finances.
NNPC disclosed that it remitted a cumulative N3.71 trillion in statutory payments to the Federation between January and April 2026, compared to N2.89 trillion recorded at the end of the first quarter.
The figures underscore the growing role of the national oil company in supporting government revenue generation amid ongoing efforts to strengthen public finances and increase crude oil output.
In the gas segment, performance remained relatively stable during the review period. Natural gas production stood at 7.7 billion standard cubic feet per day (bscf/d), while gas sales averaged 4.65 bscf/d.
The company also maintained upstream pipeline availability at 79 per cent, reflecting sustained operational efficiency across its production network.
On infrastructure development, NNPC announced the successful completion of the River Niger crossing segment of the OB3 Gas Pipeline Project, a major milestone in Nigeria’s gas transportation expansion programme.
The company further reported continued progress on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, one of the Federal Government’s flagship energy infrastructure initiatives designed to deepen domestic gas utilisation, support industrialisation and improve energy access.
The strong growth in revenue and profitability comes as Nigeria seeks to increase oil production, boost foreign exchange earnings and strengthen fiscal revenues amid evolving global energy market conditions.
Industry analysts note that sustained improvements in crude oil output remain critical to meeting the Federal Government’s revenue projections, given the sector’s continued importance to the nation’s economy.
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They also observed that ongoing investments in gas infrastructure could accelerate Nigeria’s energy transition agenda, stimulate industrial development and attract additional investments into power generation and manufacturing.
Despite the positive performance, operational challenges, including infrastructure constraints, crude oil theft and security concerns, continue to pose risks to production growth and project delivery timelines.
Nevertheless, the April performance highlights NNPC’s improving operational momentum and its strategic role in driving energy sector growth, government revenue generation and economic development.
