NNPCL remit N726bn statutory payments to FG

The Nigerian National Petroleum Company Limited (NNPCL) on Monday, March 9, said that it remitted N726 billion in statutory payments to the federal government in January 2026

NNPC disclosed this in its ‘Monthly Report Summary’ for January 2026.

Statutory payments refer to the mandatory financial obligations the company remits to the federal government every month.

According to the report, the payments declined by 42.83 percent, from N1.27 trillion recorded in December 2025.

The company also said revenue fell to N2.57 trillion in January, down from N4.82 trillion in the previous month, representing a 46.68 percent decline.

Despite the drop in revenue, NNPCL reported a 9.69 percent increase in Profit After Tax (PAT), which rose to N385 billion in January, compared with N351 billion recorded in December.

In addition, the company said natural gas output increased to 7.28 million standard cubic feet per day (mscfd) in January, up from 6.19 mscfd in December.

Gas sales also rose to 4.97 million standard cubic feet per day (mmscfd), from 4.75 mmscfd recorded in the previous month.

According to the report, crude oil and condensate production increased to 1.64 million Barrels Per Day (bpd) in January, compared with 1.55 million bpd in December 2025.

NNPC attributed the rise in production to the completion of turnaround maintenance at the Agbami and Renaissance fields (Estuary Area – EA).

The company said, “Production increased month-on-month following the completion of turnaround maintenance at Agbami and Renaissance (Estuary Area – EA).

“However, planned deliveries for January were reduced due to bad weather, evacuation constraints, and asset integrity challenges.”

The company also said pre-commissioning activities continued on the mainline of the Ajaokuta–Kaduna–Kano (AKK) gas pipeline.

NNPC added that significant progress had been recorded in the construction of Block Valve Stations (BVS) and Intermediate Pigging Stations (IPS).

Drilling activities also progressed as scheduled at the Obiafu–Obrikom–Oben (OB3) River Niger crossing, the company said.