Susan Abayomi
The Nigerian National Petroleum Company Limited posted revenue of N4.97 trillion in April 2026, marking a sharp month-on-month increase from the N2.77 trillion recorded in March. According to NNPC’s April 2026 operational and financial report released on Saturday, the jump represents about 79 percent growth in monthly revenue and is one of the highest monthly earnings reported by the company in recent times. The strong performance underscores improved operational efficiency and higher oil output as the company continues reforms under the Petroleum Industry Act.
Profit after tax also rose significantly during the month. NNPC reported PAT of N481 billion in April, up from N276 billion in March, reflecting a 74 percent increase. The company attributed the growth to higher crude oil production, enhanced domestic sales, and stronger export receipts. Industry analysts linked the improved profitability to better asset availability, ongoing efforts to curb crude oil theft, and cost discipline across the value chain.
Upstream production showed a marginal recovery in April. Crude oil and condensate output climbed to 1.68 million barrels per day from 1.56 million barrels per day in March, a 7.69 percent increase. Natural gas production remained largely stable at 7.7 billion standard cubic feet per day, while gas sales averaged 4.65 billion standard cubic feet per day. Upstream pipeline availability stood at 79 percent, indicating fewer disruptions to evacuation and lifting operations compared with previous months.
The higher production volumes played a key role in boosting revenue. NNPC said improved operational performance came as security agencies and stakeholders intensified efforts against pipeline vandalism and theft. The company also benefited from stronger export receipts and domestic sales, helping to push April’s earnings well above the N2.57 trillion and N2.68 trillion recorded in January and February. For context, March revenue was N2.774 trillion before the leap to N4.97 trillion in April.
NNPC’s contribution to public finances also grew. Between January and April 2026, the company remitted a total of N3.71 trillion in statutory payments to the Federal Government, up from N2.89 trillion recorded in the first three months of the year. The remittances include taxes, royalties, and dividends, and they reinforce NNPC’s role as a major contributor to government revenue amid efforts to meet budgetary targets and stabilize foreign exchange earnings.
Beyond the numbers, the company reported progress on strategic gas infrastructure projects. In April, NNPC successfully completed the crossing of the River Niger segment of the Obiafu-Obrikom-Oben OB3 gas pipeline, a milestone expected to boost domestic gas transportation. Work also continued on the Ajaokuta-Kaduna-Kano Gas Pipeline Project, one of Nigeria’s major gas infrastructure initiatives aimed at deepening gas utilization and supporting industrial growth.
The April report also highlighted corporate social responsibility activities. The NNPC Foundation commissioned three fully rehabilitated wards with 102 beds at the National Orthopaedic Hospital in Lagos on April 29. The foundation also delivered humanitarian aid to flood victims in Mokwa, Niger State, and trained 72,657 NYSC members in basic financial literacy during the month. These initiatives reflect the company’s broader mandate beyond oil and gas operations.
The strong April figures continue an upward trend for NNPC this year and come as the Federal Government pushes to increase oil production toward OPEC quotas. Analysts note that sustaining the momentum will depend on maintaining asset integrity, securing pipeline networks, and completing key gas projects like OB3 and AKK. If output and efficiency hold, NNPC’s improved earnings could provide more fiscal space for government spending and help stabilize the naira through higher dollar inflows.
