The Nigerian National Petroleum Company Limited (NNPC) recorded a drop in revenue and profit in May 2026, despite maintaining steady crude oil and natural gas production during the month.
According to the company’s latest Monthly Report Summary released on Wednesday, NNPC generated N4.335 trillion in revenue in May, representing a decline of nearly 13 percent compared to the N4.971 trillion recorded in April. The report also showed that profit after tax fell from N481 billion in April to N462 billion in May.
The company explained that although production levels remained stable, several operational and market-related challenges affected its overall financial performance.
NNPC reported an average production of 1.73 million barrels of crude oil and condensate per day in May. Natural gas production also remained strong at 7,774 million standard cubic feet per day, reflecting the company’s continued efforts to maintain output.
The report further revealed that upstream pipeline availability stayed high at 98 percent, while Premium Motor Spirit (petrol) availability at NNPC Retail Limited filling stations averaged 57 percentduring the month.
To improve production and operational efficiency, NNPC said it is taking steps to resolve challenges affecting its assets. These include addressing declining reservoir pressure, lifting constraints, maintenance-related shutdowns, and improving the reliability of production facilities.
According to the company, these measures are expected to reduce production losses, increase asset availability, and improve future output.
Despite the decline in monthly earnings, NNPC remained one of the Federal Government’s largest revenue contributors. Between January and May 2026, the company paid N4.858 trillion into the Federation Account through statutory payments.
The report also highlighted significant progress on two major gas infrastructure projects that are expected to strengthen domestic gas supply and support industrial growth across Nigeria.
Construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has reached 94 percent completion, with installation and pre-commissioning work continuing. NNPC said the pipeline remains on schedule to begin supplying gas to Abuja before the end of the year.
Similarly, the OB3 River Niger Crossing Pipeline has reached 97 percent completion. The company noted that final pre-commissioning and tie-in activities are progressing, with full commissioning expected before the end of the third quarter of 2026.
NNPC said these projects are part of its long-term strategy to improve energy security, expand domestic gas utilisation, and support industrial development across the country.
The company also emphasized that all financial and operational figures contained in the report remain provisional and may be updated after reconciliation with relevant stakeholders.
Beyond its oil and gas operations, NNPC highlighted a major healthcare intervention carried out through the NNPC Foundation. On May 15, the foundation donated and commissioned a modern 1.5 Tesla Magnetic Resonance Imaging (MRI) machine at the Nnamdi Azikiwe University Teaching Hospital in Nnewi, Anambra State.
The donation also included chillers, an uninterrupted power supply system, battery racks, and backup power equipment to ensure the smooth operation of the facility.
Before the official commissioning, more than 40 patients received free MRI scans through a training programme organised by General Electric for radiologists and radiographers at the hospital.
NNPC said the new MRI facility is already improving access to advanced diagnostic services in the South-East by reducing the need for patients to travel outside the region for specialised scans. The company added that the equipment will support early disease detection and strengthen healthcare delivery.
The monthly report forms part of NNPC’s transparency initiative, through which it regularly provides updates on its financial performance, production activities, infrastructure projects, statutory contributions, and corporate social responsibility efforts.
The latest report comes as the Federal Government continues working with industry stakeholders to increase Nigeria’s crude oil production beyond two million barrels per day while expanding gas infrastructure under the Decade of Gas programme to drive industrialisation, power generation, and economic growth.
