The Nigerian National Petroleum Company Limited recorded a sharp decline in its statutory remittances to the Federal Government in January 2026, dropping by 42.83 per cent to N726bn.
This was disclosed in the company’s Monthly Report Summary for January 2026, released on Monday.
Statutory payments are mandatory financial obligations the national oil firm remits to the Federal Government monthly.
According to the report, the N726bn remitted in January represents a significant fall from the N1.27tn paid in December 2025.
The report also showed that the company’s revenue plunged by 46.68 per cent to N2.57tn in January, compared to N4.82tn recorded in the previous month.
Despite the drop in revenue and statutory remittances, the oil company posted a marginal improvement in profitability.
NNPC said its profit after tax rose by 9.69 per cent, increasing to N385bn in January from N351bn reported in December 2025.
The report further revealed improvements in the company’s production performance during the period under review.
Natural gas output rose to 7.28 million standard cubic feet per day (mscfd) in January, up from 6.19 mscfd recorded in December.
Similarly, gas sales increased to 4.97 million standard cubic feet per day, compared to 4.75 million mmscf/d in the preceding month.
Crude oil and condensate production also recorded an uptick, rising to 1.64 million barrels per day in January, from 1.55 million barrels per day in December 2025.
NNPC attributed the increase in production to the completion of turnaround maintenance at key assets.
The company stated, “Production increased month-on-month following the completion of Turn Around Maintenance at Agbami and Renaissance (Estuary Area – EA).”
However, it noted that planned crude deliveries for January were reduced due to operational challenges.
“Planned deliveries for January were reduced due to bad weather, evacuation constraints, and asset integrity challenges,” the report added.
The company also provided updates on its major gas infrastructure projects, noting progress on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline.
According to the report, pre-commissioning activities are ongoing on the mainline of the pipeline, while construction of block valve stations and intermediate pigging stations has recorded significant progress.
NNPC added that drilling operations on the Obiafu-Obrikom-Oben (OB3) gas pipeline project, particularly at the River Niger crossing, are also progressing as scheduled.
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