NNPC reports N509bn September profit and N11.14trn paid to federation
- NNPC said it made N509 billion profit after tax in September 2026, according to its monthly report.
- The company paid N11.14 trillion into the federation account between January and September this year.
- Its chief executive, Bayo Ojulari, said reforms have lifted national output by 600,000 barrels per day.
The Nigerian National Petroleum Company Limited (NNPC) says it made a profit after tax of N509 billion in September 2026, according to its monthly report summary for the month.
The same report shows the company handed N11.14 trillion to the federation as statutory payments between January and September this year. That money feeds the pool shared by the federal, state and local governments, so it touches salaries, roads and schools across the country.
Revenue for September was put at N4.608 trillion. Tribune reported the figure as N4.608 billion, but ThisDay's account of the same report says trillion, and the larger figure fits the scale of the company's operations.
Output and sales
Total hydrocarbon production stood at 3.04 million barrels of oil equivalent per day (mmboe/d). That is above the 2.79 mmboe/d recorded in October 2025, though slightly below the 3.07 mmboe/d peak in May and June 2026.
Crude and condensate output came to about 1.70 million barrels per day, made up of 1.45 million barrels of crude and 240,000 barrels of condensate. Natural gas production was 7.789 billion standard cubic feet per day (mmscf/d), up from 6,997 mmscf/d a year earlier.
The company sold 24.63 million barrels of crude and condensate in September, split into 23.64 million barrels of crude and 0.99 million barrels of condensate. Gas sales were 4,793 mmscf/d.
Upstream pipeline availability was 100 per cent, meaning no major disruption to production during the month. Petrol availability at NNPC Retail stations was 54 per cent.
Pipelines and targets
On infrastructure, the report says the Obiafu-Obrikom-Oben (OB3) gas pipeline is complete, with the River Niger crossing commissioned and working. The Ajaokuta-Kaduna-Kano (AKK) gas pipeline is 95 per cent finished.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), NNPC group chief executive Bayo Ojulari said reforms in the sector had added 600,000 barrels per day to national output, taking production from about 1.2 million to 1.8 million barrels per day.
He credited the Petroleum Industry Act (PIA) 2021, a better investment climate and closer work with partners. The company is now pushing for 2 million barrels per day by 2027.
"Our track record will be judged by what is done and not by what is said," Ojulari said.
He also said over 400 Compressed Natural Gas (CNG) conversion centres have been set up and more than 1,000 trucks now run on CNG, following the removal of the petrol subsidy.
On gas, Ojulari said NNPC is targeting 10 billion standard cubic feet per day by 2027 and 12 billion by 2030. He said the AKK pipeline should deliver gas to Abuja before the end of the year for power generation, data centres and industry.
What happens next
Nigerians will watch whether the AKK line reaches Abuja on schedule, since more gas for power plants could ease electricity supply. The size of NNPC's payments to the federation also matters for how much governments at all levels have to spend next year.
