NNPC records N276bn profit in March, doubling February performance

THE Nigerian National Petroleum Company (NNPC) Limited has announced a profit after tax of N276 billion for March 2026, marking a significant jump from the previous month. The result shows a 102.9 percent increase compared to the N136 billion profit posted in February, based on its Monthly Report Summary.

Within the first quarter (Q1) of 2026, the national oil company said it remitted a total of N2.88 trillion in statutory payments, reflecting its ongoing contribution to government revenue.

Crude oil and condensate output averaged 1.56 million barrels per day in March. Although lower than the 1.64 million bpd recorded in January, the figure represents a recovery from February’s production level of 1.51 million bpd.

Natural gas production also improved during the period, rising to 7.73 million standard cubic feet per day, up from 7.28 million in January and 7.45 million in February.

The report further indicated that upstream pipeline availability was at 76 percent, while the availability of premium motor spirit (PMS) across NNPC Retail outlets stood at 56 percent.

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On key infrastructure projects, progress remained strong. The Obiafu-Obrikom-Oben (OB3) gas pipeline is 96 percent completed, with drilling ongoing at the River Niger crossing. Meanwhile, the Ajaokuta-Kaduna-Kano (AKK) pipeline has reached 93 percent completion, including the finished welding of the 24-inch spur line to the Gwagwalada Independent Power Plant and continued advancement in pre-commissioning works, NNPC said.

The oil company noted that it is focused on strengthening output stability through targeted restoration initiatives aimed at improving asset performance, resolving evacuation constraints, and sustaining production growth.