The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday announced a cumulative remittance of N4.858 trillion to the Federation Account as of May 2026, marking a 30.8 percent increase compared to the previous month’s figure of N3.714 trillion.
The figures were contained in the company’s Monthly Financial and Operational Report for May 2026, which also showed that Profit After Tax (PAT) dropped slightly to N462 billion from N481 billion in April, despite strong revenue generation of N4.33 trillion during the period.
The report highlighted improved operational performance across crude oil, condensate, and gas production, as well as enhanced pipeline reliability and retail operations.
Average crude oil and condensate output rose to 1.73 million barrels per day in May, up from 1.68 million barrels in April, representing the highest level recorded in about a year.
Crude oil production alone increased to 1.47 million barrels per day, while condensate output remained stable at 0.25 million barrels.
Natural gas production also recorded a slight increase, rising to 7,774 million standard cubic feet per day from 7,730 mmscfd in April.
However, gas sales dipped marginally to 4,921 mmscfd from 5,044 mmscfd over the same period.
Despite stronger production, crude oil and condensate sales declined by nearly 20 percent, falling from 23.65 million barrels in April to 18.95 million barrels in May.
Operational efficiency improved significantly, with upstream pipeline availability rising sharply to 98 percent from 79 percent the previous month.
The company attributed the gains to reduced downtime and better facility management.
Progress was also recorded on key infrastructure projects, including the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and the Obiafu–Obrikom–Oben (OB3) pipeline.
The AKK project is advancing toward early gas delivery to Abuja in 2026, while the OB3 pipeline is nearing completion of its River Niger crossing and associated works.
In retail operations, station availability improved slightly to 57 percent from 54 percent, reflecting gradual stability in downstream activities.
Beyond oil and gas production, NNPC also reported healthcare interventions through its foundation, including the installation of a 1.5 Tesla MRI machine at the Nnamdi Azikiwe University Teaching Hospital, Nnewi, alongside training for 40 medical personnel.
The company said ongoing reforms aimed at improving asset integrity, reducing maintenance shutdowns, and boosting operational reliability are expected to sustain production growth in the coming months.
