The Nigerian National Petroleum Company Limited has reported a profit after tax of N276 billion for March 2026, a significant increase from the N136 billion recorded in February. NNPC Group Chief Executive Officer Mele Kyari attributed the improved performance to increased crude oil production and the implementation of cost-saving measures across the company’s operations.
The company’s total revenue for the month stood at N2.77 trillion, slightly above the N2.68 trillion recorded in February. The NNPC also remitted N2.88 trillion to the Federation Account in March, a 60 per cent increase compared to the previous month, following an executive order that prohibited the corporation from deducting 30 per cent of its profit for the Frontier Exploration Fund and other expenses.
The strong performance is expected to boost government revenues and support the implementation of the 2026 budget. Kyari also noted that the company is working to increase crude oil production to 2 million barrels per day by the end of the year. From a fiscal policy perspective, increased NNPC remittances provide the government with additional resources to fund infrastructure and social programmes without increasing debt. However, the sustainability of these inflows depends on continued production growth, security in the oil-producing regions, and disciplined management of the federation account. The NNPC’s ability to maintain or exceed this performance will be critical for meeting budget targets and maintaining macroeconomic stability.
