The Nigerian National Petroleum Company Limited (NNPC) recorded a revenue of ₦33.15 trillion between January and September 2026, representing a 28.3 per cent decline from the ₦46.26 trillion generated in the corresponding period of 2025.

Despite the drop in revenue, the national oil company remitted a total of ₦11.14 trillion to the Federation Account as statutory payments within the nine-month period.

An analysis of the company’s monthly financial reports showed that its earnings declined by approximately ₦13.11 trillion compared with the same period last year, reflecting a weaker revenue performance despite improvements in some operational indicators.

The decline came despite a rebound in September, when NNPC’s revenue rose to ₦4.608 trillion from approximately ₦3.74 trillion in August, representing a month-on-month increase of 23.3 per cent.

The company also recorded a profit after tax of ₦509 billion in September, an 18.1 per cent increase from the ₦431 billion reported in August.

The figures were contained in NNPC’s September 2026 Monthly Operations and Financial Report released on Tuesday.

A breakdown of the revenue figures showed that the company generated ₦2.571 trillion in January, ₦2.680 trillion in February and ₦2.774 trillion in March.

Revenue rose significantly to ₦4.971 trillion in April before moderating to ₦4.335 trillion in May and ₦4.389 trillion in June.

The company subsequently recorded ₦3.087 trillion in July before recovering to ₦3.737 trillion in August and ₦4.608 trillion in September.

The September earnings represented the company’s strongest monthly revenue since April, when it generated nearly ₦5 trillion.

However, the recovery was insufficient to offset the revenue shortfall accumulated during the year.

In comparison, NNPC generated ₦3.824 trillion in January 2025, ₦6.624 trillion in February, ₦5.475 trillion in March, ₦5.891 trillion in April and ₦6.008 trillion in May.

Its revenue subsequently stood at ₦5.105 trillion in June, ₦4.406 trillion in July, ₦4.655 trillion in August and ₦4.269 trillion in September, bringing its nine-month earnings to approximately ₦46.26 trillion.

The latest figures come against the backdrop of the company’s 2025 full-year financial results, which showed that revenue declined by 24 per cent to ₦34.5 trillion from ₦45.1 trillion in 2024.

Despite the decline, NNPC’s profit after tax increased by 33 per cent to ₦7.2 trillion from ₦5.4 trillion, while earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to ₦18 trillion.

Meanwhile, statutory payments to the Federation Account reached ₦11.14 trillion between January and September 2026, representing an increase of 17.4 per cent over the ₦9.49 trillion recorded at the end of August.

The September contribution added approximately ₦1.65 trillion to the cumulative payments reported in the preceding month.

However, a comparison with the corresponding period of 2025 showed that NNPC remitted approximately ₦11.56 trillion between January and September last year.

This indicates that statutory payments in the first nine months of 2026 were about ₦417 billion, or 3.6 per cent, lower than the corresponding figure for 2025.

The statutory payments represent a separate financial measure from revenue and profit, reflecting the company’s remittances to the Federation Account.

On the operational front, NNPC reported total hydrocarbon production of 3.04 million barrels of oil equivalent per day in September, compared with 3.01 million barrels per day in August.

Crude oil and condensate production stood at 1.70 million barrels per day, while natural gas production increased to 7,789 million standard cubic feet per day from 7,680 million standard cubic feet per day in August.