Statutory remittances by the Nigerian National Petroleum Company (NNPC) Limited has risen significantly, reaching N4.85 trillion in May, from N726 billion in January 2026.
This increase is on the back of the implementation of executive order 9, signed by President Bola Tinubu earlier this year.
The presidential directive effectively stripped the national oil company of its historic revenue-deduction powers, specifically halting its ability to withhold the controversial 30 percent Frontier Exploration Fund and 30 percent management fees at the source.
BusinessDay’s analysis of NNPC’s monthly report for May 2026, indicated a sharp decline in its revenue which fell N4.97 trillion in April to N4.33trillion in May, as crude oil sales declined from 23.65 mmbbls in April to 17mmbbls in May.
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The company also recorded decline in its Profit After Tax (PAT) which stood at N462 billion, a dip from N481 billion recorded in April.
However, the company recorded a slight increase in crude oil and condesate production in the month of May, reaching 1.73 mmbpd. This represent an increase from 1.68mmbpd recorded in April. Of this total production, crude oil account for 1.47 mmbpd while condensate was 0.25mmbpd.
Similarly, NNPC recorded increase in gas production from 7730 mmscf/d in April to 7774 mmscf/d in May, but gas sales declined to 4921mmscf/d from 5044 mmscf/d in May.
The company stated that addressing well performance issues, reservoir pressure decline, lifting constraints, maintenace related shutdown and facility reliability challenges is critical to reduce production deferment and improve assets availability as well as increase in production.
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On Ajaokuta-Kaduna- Kano gas pipeline, the company said, “advance mainline construction, installation, and pre-commisiong activities to ensure early gas delivery to Abuja in 2026.”
Also, giving update on the Obiafu-Obrikom-Oben (OB3) pipeline, the company said the project has signigicantly progressed, “post pullback precommissioning and tie-in works required to achievecommissioning of full OB3 pipeline section by end Q3 2026.”
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