The Nigerian National Petroleum Company Limited (NNPC) has reported a profit after tax of N276 billion for March 2026, as gas production recorded a notable month-on-month increase, reflecting continued momentum in Nigeria’s oil and gas sector.
According to figures released by the corporation, gas production climbed to 7,731 million standard cubic feet per day (mmscf/d) in March, up from 7,458 mmscf/d recorded in February 2026. The rise underscores growing output capacity and improved operational efficiency across the company’s upstream activities.
The strong monthly performance comes alongside a significant fiscal contribution, as NNPC remitted N2.89 trillion to the Federation Account in the first quarter of 2026. The Federation Account serves as the central pool into which government revenues are collected and subsequently shared among federal, state, and local government authorities.
Officials have linked the improved numbers to a series of ongoing reforms within the corporation aimed at boosting transparency, operational efficiency, and accountability across the value chain. The reforms, which have been implemented in phases, are beginning to reflect in the company’s bottom line and its contributions to national revenue.
However, the corporation noted that the reported figures remain provisional and are subject to further reconciliation, a standard practice in financial reporting within the petroleum industry.
Industry analysts have described the results as an encouraging signal for Nigeria’s broader economic recovery, particularly as the country seeks to increase oil and gas revenues to fund its budget and stabilize the naira. With gas production on an upward trajectory and remittances to the Federation Account maintaining a strong pace, NNPC’s Q1 2026 performance is expected to boost investor confidence in the sector.
The development also aligns with the federal government’s push to deepen Nigeria’s role as a major gas-producing nation, particularly as global demand for cleaner energy sources continues to grow.
