NNPC says it made ₦3.49 trillion profit in nine months and paid ₦11.14 trillion to government

NNPC Ltd says it made a profit after tax of ₦3.494 trillion in the first nine months of 2026. The figure comes from the company's Monthly Operations and Financial Report for September, as reported by Vanguard.

Revenue for January to September came to ₦33.152 trillion.

Month by month

September was one of the stronger months. NNPC reported ₦509 billion profit, up 18.1 per cent from ₦431 billion in August. Revenue for the month was ₦4.608 trillion, up 23.3 per cent from ₦3.737 trillion.

Profit has swung a lot from month to month. The lowest was ₦136 billion in February. The highest was ₦535 billion in June. July fell back to ₦279 billion before the recovery in August and September.

What government got

NNPC says its payments to the Federation Account and other statutory remittances reached ₦11.14 trillion for January to September. That was ₦1.65 trillion more than the ₦9.49 trillion it reported for January to August, so September added about that much on its own.

The Federation Account is shared between the federal government, the states and local councils, so these payments matter to every state budget.

Output

Total oil and gas output averaged 3.04 million barrels of oil equivalent a day, up from 3.01 million in August, the report shows, according to OilPrice.com and Vanguard.

Crude oil and condensate averaged 1.70 million barrels a day in September, Vanguard reported. Gas output rose to 7,789 million standard cubic feet a day, from 7,680 million in August.

OilPrice.com noted that the report still says output "remained constrained by unplanned downtime".

The 1.70 million figure is close to the regulator's own count. The Nigerian Upstream Petroleum Regulatory Commission put September output at 1.717 million barrels a day including condensate. It is lower than the 1.8 million figure NNPC chief Bayo Ojulari gave at the ADIPEC conference in Abu Dhabi this week. We compared those numbers here.

Gas pipelines

The report says the OB3 gas pipeline is 100 per cent complete and its River Niger crossing has been commissioned. The Ajaokuta-Kaduna-Kano (AKK) pipeline is 95 per cent complete, with early gas to Abuja planned before the end of 2026. Our earlier story on AKK.

A note on the numbers

These are NNPC's own management figures, published monthly. They are not audited accounts. We could not open the report on NNPC's website this morning, so the figures here are as reported by Vanguard and OilPrice.com, which both cite it.

What it means for you

NNPC's profits and payments feed the money that states use to pay salaries and fund roads, schools and hospitals. A stronger September is good news for those budgets.

Oil prices matter here too. Brent fell to $94.62 a barrel on Wednesday, from $113.43 at the end of October, so later months may show smaller figures if prices stay lower.