The Nigerian National Petroleum Company Limited (NNPC Ltd) demonstrated a significant financial uplift in February 2026, remitting a total of ₦1.804 trillion to the Federation Account. This figure represents a substantial increase of approximately 148.5 percent compared to the ₦726 billion remitted in January. The surge in remittances is attributed to improved revenue generation, stricter remittance practices, and recent policy changes aimed at enhancing transparency and accountability within the oil and gas sector.

Despite this marked improvement in remittances, the company's profitability saw a notable decline. While total revenue rose modestly to ₦2.68 trillion in February, a 4.2 percent increase from January's ₦2.57 trillion, profit after tax (PAT) dropped significantly to ₦136 billion from ₦385 billion in January, a steep 64.7 percent decline. This suggests that despite higher revenue, operational inefficiencies and cost pressures adversely impacted the company's margins during the month.

Crude oil and condensate production averaged 1.51 million barrels per day (bpd) in February, a decrease of 7.9 percent from 1.64 million bpd in January. This production shortfall was primarily caused by several operational challenges. These included the outage of the Trans Forcados Pipeline (TFP) due to integrity issues, start-up challenges at Stardeep Agbami Gas Turbine (GTC) 2 and 3 following turnaround maintenance, delayed completion of the Sterling Oguali flow station, and production ramp-up constraints from Enyie wells due to sludge management issues.

Conversely, natural gas production maintained an upward trajectory, increasing by 2.4 percent to 7,458 million standard cubic feet per day (mmscfd) in February from 7,283 mmscfd in January. Gas sales, however, experienced a marginal decline of 1.7 percent, settling at 4,893 mmscfd. Other operational efficiency indicators presented mixed movements; upstream pipeline availability decreased to 93 percent due to the TFP outage, while petrol availability at NNPC Retail stations improved slightly to 58 percent from 54 percent in January.

A pivotal development in February was the signing of an Executive Order by President Bola Ahmed Tinubu on February 18, which restructured the oil revenue remittance framework. This directive mandates the full remittance of all oil and gas revenues, including royalty oil, tax oil, profit oil, and profit gas, directly into the Federation Account. It also suspended the collection of management and frontier exploration fees by NNPC Ltd, ensuring that 100 percent of profit oil from Production Sharing Contracts (PSCs) was remitted. An inter-agency implementation committee, chaired by the Minister of Finance, has been established to oversee effective execution, aligning revenue flows with constitutional provisions and bolstering Nigeria’s fiscal base.

NNPC Ltd continues to implement strategic measures to strengthen production resilience and restore output. These efforts include improving asset reliability, resolving evacuation constraints, accelerating the delivery of critical infrastructure, and deepening collaboration with operators and stakeholders. Progress was noted on key infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, which is 93 percent complete with construction and installation works aimed at delivering early gas to Abuja, and the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, which maintained 96 percent completion on its River Niger Crossing operations.

Beyond its core operations, the NNPC Foundation actively engaged in social investment initiatives. February activities focused on reproductive health awareness campaigns in public girls’ secondary schools in Jos, Plateau State, where branded boxes of essential sanitary items were distributed. The company also utilized platforms like the NIPR Reputation Roundtable in Abuja to publicize its corporate social responsibility (CSR) and social investments across Nigeria, aiming to showcase the NNPC brand as a responsible organization in the social intervention space. It is important to note that all production, sales, and financial figures announced are provisional and subject to reconciliation with relevant stakeholders.