NNPC revenue surges 79% to N4.97tn in April as oil output, profitability improve
The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a sharp improvement in its financial and operational performance in April 2026, with revenue rising by 79 per cent month-on-month to N4.97 trillion, supported by higher crude oil production and sustained growth across key business segments.
According to the company’s April 2026 operational and financial report released on Saturday, revenue increased significantly from N2.77 trillion recorded in March, highlighting a strong rebound in earnings amid improving upstream production levels.
Profit after tax also recorded substantial growth, rising to N481 billion in April from N276 billion in the previous month, representing a 74 per cent increase and underscoring the company’s strengthening profitability.
The improved performance further boosted government earnings, with NNPC reporting total statutory remittances of N3.71 trillion to the Federal Government between January and April 2026.
This compares with N2.89 trillion recorded during the first quarter of the year, reflecting increased fiscal contributions from the state-owned energy company.
Oil Production Recovery Supports Earnings
Operational data showed that crude oil and condensate production increased to 1.68 million barrels per day (mbpd) in April, up from 1.56 mbpd in March.
The increase signals continued recovery in Nigeria’s upstream petroleum sector following efforts to improve production efficiency, security, and asset performance.
Natural gas production remained stable at 7.7 billion standard cubic feet per day (bscf/d), while gas sales averaged 4.65 bscf/d during the period under review.
NNPC also reported upstream pipeline availability of 79 per cent, reflecting ongoing efforts to maintain critical energy infrastructure despite operational challenges.
Gas Infrastructure Projects Advance
The company highlighted significant progress in strategic gas infrastructure projects aimed at enhancing domestic gas supply and supporting Nigeria’s long-term energy transition objectives.
Among the notable achievements was the successful crossing of the River Niger segment of the OB3 gas pipeline project, a major milestone expected to strengthen gas transportation capacity across the country.
Construction activities also continued on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, one of Nigeria’s flagship energy infrastructure initiatives designed to deepen industrialisation, improve energy access, and stimulate economic growth across northern Nigeria.
However, NNPC disclosed that the planned start-up of the Trans Ramos Pipeline experienced delays due to leak detection concerns and facility integrity issues that required further technical intervention.
Strengthening Social Impact Initiatives
Beyond its operational performance, NNPC said its corporate social responsibility programmes continued to expand through the activities of the NNPC Foundation.
During April, the foundation commissioned three fully rehabilitated hospital wards comprising 102 beds at the National Orthopaedic Hospital in Lagos, enhancing healthcare infrastructure and patient capacity.
The foundation also provided humanitarian support to victims of flooding in Mokwa, Niger State, while advancing financial inclusion initiatives through the training of 72,657 National Youth Service Corps (NYSC) members in basic financial literacy.
Economic and Fiscal Implications
The strong growth in NNPC’s revenue and profitability is expected to provide additional support for Nigeria’s fiscal position at a time when government finances remain under pressure from infrastructure spending, debt servicing obligations, and economic reform programmes.
Higher statutory remittances could strengthen federal revenue generation and improve budget implementation capacity, particularly in capital expenditure and social investment programmes.
The increase in crude oil production also offers positive signals for foreign exchange earnings, external reserves, and investor confidence in Nigeria’s energy sector.
Sustained growth in output and continued progress on strategic gas infrastructure projects could further enhance the country’s energy security and support industrial development.
Nevertheless, industry analysts caution that maintaining the current momentum will require continued investments in pipeline security, operational efficiency, infrastructure integrity, and regulatory stability, especially amid persistent volatility in global energy markets.
As Nigeria seeks to leverage its oil and gas resources to drive economic growth, NNPC’s April performance highlights the critical role of the national oil company in supporting fiscal sustainability, energy development, and broader economic transformation.
