The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a strong financial performance in April 2026, with revenue rising by 79 per cent month-on-month to N4.97 trillion, driven by higher crude oil production and improved operational efficiency.
According to the company’s April 2026 operational and financial report released on Saturday, revenue increased significantly from N2.77 trillion recorded in March 2026.
The report also showed that profit after tax rose sharply to N481 billion in April, compared to N276 billion in the previous month, underscoring the company’s improving financial position.
NNPC attributed the improved performance largely to higher crude oil and condensate production. Output increased to 1.68 million barrels per day in April, up from 1.56 million barrels per day recorded in March.
The stronger production performance comes as Nigeria intensifies efforts to boost oil output, increase foreign exchange earnings and strengthen government revenues.
The company also disclosed that it remitted N3.71 trillion in statutory payments to the Federal Government between January and April 2026, compared to N2.89 trillion recorded in the first quarter of the year.
While oil production recorded significant growth, natural gas operations remained largely stable during the period.
Natural gas production stood at 7.7 billion standard cubic feet per day (bscf/d), while gas sales averaged 4.65 bscf/d. Upstream pipeline availability was maintained at 79 per cent.
NNPC reported further progress on key gas infrastructure projects, including the successful completion of the River Niger crossing segment of the OB3 gas pipeline.
The company also said work continues on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, a strategic initiative expected to expand gas supply, support industrialisation and strengthen energy security across the country.
The improved revenue and profitability come at a critical time for Nigeria, where increased oil production remains central to achieving government revenue targets and supporting economic stability.
The progress on major gas infrastructure projects is also expected to advance Nigeria’s energy transition agenda, improve domestic gas utilisation and attract investment into power generation and industrial development.
Despite the positive results, industry observers note that challenges such as crude theft, pipeline vandalism and infrastructure constraints still pose risks to sustained production growth.
