The Nigerian National Petroleum Company Limited (NNPC Ltd.) has remitted a cumulative ₦7.913 trillion to the Federation Account between January and July 2026, according to its latest monthly report.
The national oil company also recorded ₦3.087 trillion in revenue in July, while its profit after tax for the month stood at ₦279 billion.
The latest figures show that NNPC's statutory payments to the Federation increased by about ₦1.627 trillion in July alone, from the ₦6.286 trillion recorded between January and June.
NNPC said its crude oil and condensate production averaged 1.68 million barrels per day in July, reflecting efforts to sustain production and improve operational performance across its upstream assets.
Natural gas production also stood at about 7,489 million standard cubic feet per day, while gas sales reached approximately 4,581 million standard cubic feet per day during the month.
The company attributed part of its production efforts to initiatives aimed at improving operational reliability, reducing unplanned downtime and increasing export flexibility.
Among the measures highlighted were the optimisation of export operations at FEPL and Nembe EP, the development of additional production opportunities and the activation of tandem offloading operations at the Akpo and Erha fields.
NNPC also reported the restoration of barging operations at Obodo to improve the evacuation of crude and sustain production.
The latest remittance figures come after changes to Nigeria's petroleum revenue framework under Executive Order 9 of 2026, which was introduced to strengthen the flow of petroleum revenues into the Federation Account. The Federal Ministry of Finance said the policy was designed to safeguard revenues accruing to the Federation and strengthen fiscal stability for the federal, state and local governments.
Under the new framework, the government moved to reduce deductions from petroleum revenues and increase direct flows to the Federation Account. The policy also ended NNPC's collection of certain deductions from profit oil and profit gas under production-sharing contracts.
However, the government has been adjusting how the directive is implemented to accommodate existing contractual and operational arrangements within the petroleum industry.
The July report also showed that NNPC's ₦279 billion profit after tax was lower than the ₦535 billion recorded in June, when the company reported revenue of ₦4.389 trillion and cumulative statutory payments of ₦6.286 trillion for the first six months of the year.
NNPC said the production, sales and financial figures contained in its July monthly report were provisional and subject to reconciliation with relevant stakeholders.
The latest remittance is expected to provide additional revenue for the Federation Account, from which funds are shared among Nigeria's three tiers of government in accordance with the applicable allocation arrangements.
The figures also highlight the continuing importance of the petroleum sector to government finances as the Federal Government seeks to increase oil production, improve revenue collection and strengthen the country's fiscal position.
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