NNPC reports N11.14 trillion in statutory payments to Federation Account for Jan‑Sept 2026

The Nigerian National Petroleum Company (NNPC) Limited announced that it remitted N11.14 trillion in statutory payments to the Federation Account for the period covering January to September 2026. The figure appears in the company’s September 2026 Monthly Operations and Financial Report and represents the contribution of the state‑owned oil firm to public revenue during the first three‑quarters of the year.

During the same period, NNPC generated revenue of N33.15 trillion, a decline of 28.3 percent – or N13.11 trillion – compared with the N46.26 trillion recorded in the corresponding nine months of 2025. Despite the revenue shortfall, the company recorded a profit after tax of N509 billion in September 2026, up 18.1 percent from August’s N431 billion.

Background

According to the Monthly Report Summary for September 2026, NNPC’s overall hydrocarbon output averaged 3.04 million barrels of oil equivalent daily, which consisted of 1.70 million barrels of crude oil and condensate alongside 7,789 million standard cubic feet of natural gas per day. Upstream pipeline availability was reported at 100 percent, with the Obiafu‑Obrikom‑Oben (OB3) pipeline also at full capacity and the Ajaokuta‑Kaduna‑Kano (AKK) pipeline at 95 percent.

Revenue trends over the nine‑month period showed fluctuations: N2.571 trillion in January, rising to N4.971 trillion in April, then moderating to around N4.3‑4.6 trillion in the subsequent months, before reaching a September peak of N4.608 trillion – the strongest monthly figure since April 2026. The September increase represented a month‑on‑month growth of about 23.3 percent from August’s N3.737 trillion.

The report also highlighted that petrol availability at NNPC retail stations stood at 54 percent, indicating ongoing distribution challenges despite improvements in infrastructure. The NNPC Foundation highlighted its community-focused projects, such as backing medical facilities in Sokoto State.

Why it matters

The statutory payments of N11.14 trillion contribute directly to the Federation Account, bolstering government finances at a time when the country seeks to strengthen its fiscal position. The decline in NNPC’s revenue, however, underscores pressure on the oil sector’s ability to sustain contribution levels, even as production volumes remain robust.

Stakeholders, including the federal government and industry observers, are likely to monitor how the revenue shortfall affects budgetary planning and the broader economy. The limited petrol availability at retail stations may affect consumers and businesses reliant on fuel, highlighting a gap between upstream performance and downstream supply.

What happens next

NNPC’s September report indicates that the company will continue to publish monthly financial and operational updates, which will track whether the September revenue rebound can offset the cumulative shortfall for the year. No specific future dates for additional statutory payments or policy actions were provided in the sources.