Nigeria’s national oil company, NNPC Limited, says it made a profit after tax of N509 billion in September 2026 on revenue of about N4.61 trillion, as rising oil and gas output and steady pipeline operations lifted its monthly performance. The figures, contained in the company’s September 2026 Monthly Report Summary and reported by Nairametrics, ThisDay and Tribune on Wednesday, come as NNPC prepares for a planned initial public offering.
The report also shows that NNPC’s statutory payments to the federation reached N11.14 trillion between January and September 2026, a figure that will be closely watched by states and the Federal Government, which depend heavily on oil earnings shared through the Federation Account.
Revenue, Profit and Payments to the Federation
According to the summary, NNPC recorded revenue of N4.608 trillion in September and a profit after tax of N509 billion. Nairametrics noted that the company had reported cumulative revenue of N28.54 trillion and a profit after tax of N2.99 trillion for the first eight months of the year, meaning September added meaningfully to its year-to-date earnings.
The N509 billion profit is below the N535 billion NNPC reported for June, which was its highest monthly figure in about 10 months, but it is higher than in several other months this year. In September 2025, the company posted a profit of about N216 billion, according to earlier Nairametrics reporting.
The N11.14 trillion paid to the federation in nine months covers items such as taxes, royalties and other statutory obligations. NNPC has faced repeated questions from state governments and civil society about whether it remits enough to the Federation Account Allocation Committee (FAAC), so the growing figure is likely to feature in that debate.
Oil and Gas Output Rises
Total hydrocarbon production rose to 3.04 million barrels of oil equivalent per day (boe/d) in September, up from 3.01 million boe/d in August, the report showed. Crude oil and condensate output averaged about 1.70 million barrels per day, made up of roughly 1.45 million bpd of crude and 240,000 bpd of condensate, ThisDay reported.
NNPC credited the improvement partly to the restart of the Obodo field in OML 150 and the restoration of production at other assets. Upstream pipeline availability was put at 100 per cent, meaning no major disruption to the trunk lines that carry crude to export terminals.
Natural gas production dipped slightly to 7,789 million standard cubic feet per day (mmscf/d) from 7,841 mmscf/d, but gas sales increased to 4,793 mmscf/d from 4,737 mmscf/d in August. Crude and condensate sales rose marginally to 24.63 million barrels, from 24.56 million barrels the month before.
Petrol Availability and Operational Challenges
Not all the indicators were positive. Petrol availability at NNPC Retail stations stood at just 54 per cent in September, a sign that many of the company’s filling stations were not consistently selling fuel during the month. That comes at a time when petrol prices remain a major concern for households, even after recent price cuts by Dangote Refinery and depot owners.
The report listed several problems affecting operations, including unplanned downtime caused by facility reliability issues, flowline leaks, community protests, equipment failures, and storage and export constraints. NNPC said it planned to address these through well interventions, the restoration of shut-in wells and preventive maintenance.
On infrastructure, ThisDay reported that the Obiafu-Obrikom-Oben (OB3) gas pipeline is now 100 per cent complete, while the Ajaokuta-Kaduna-Kano (AKK) pipeline is about 95 per cent complete.
Ojulari’s Targets and the Planned IPO
NNPC Group Chief Executive Officer Bayo Ojulari has said the company wants to reach 2 million barrels per day of oil output by 2027 and raise gas production to 10 billion cubic feet per day by 2027 and 12 billion by 2030, according to ThisDay.
The latest results arrive as NNPC weighs selling between 5 and 10 per cent of its shares in a planned IPO, which Nairametrics reports is expected to focus mainly on the Nigerian capital market. Strong monthly earnings could help build investor confidence ahead of any listing, though analysts will also look closely at the company’s audited accounts, debt and remittance record.
What Happens Next
NNPC is expected to publish its October report in the coming weeks. Investors, FAAC members and fuel consumers will be watching whether production keeps rising towards the 2 million bpd target, whether petrol availability at NNPC stations improves, and when the company gives a firm timetable for its IPO.
Sources: Nairametrics, ThisDay, Tribune Online, Leadership.
