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The Nigerian National Petroleum Company (NNPC) Limited posted weaker financial results in May 2026, with revenue dropping by nearly 13 per cent from the previous month despite relatively stable crude oil and gas production.
The company’s latest monthly report for May showed that revenue declined to ₦4.335 trillion in May from ₦4.971 trillion recorded in April.
Profit after tax (PAT) also slipped to ₦462 billion, compared to ₦481 billion in the preceding month.
Although production remained resilient, market conditions and other operational factors weighed on the company’s earnings during the month.
According to the report, crude oil and condensate production remained broadly unchanged from April levels, while natural gas production also stayed on a stable trajectory, reflecting sustained operational performance across NNPC’s upstream assets.
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The company, however, continued to make progress on major gas infrastructure projects considered critical to boosting domestic gas supply and industrialisation. Construction activities advanced on the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, while work also continued on other strategic gas development projects aimed at expanding Nigeria’s gas transmission network.
NNPC said it also sustained efforts to improve operational efficiency, strengthen production reliability and execute strategic initiatives across its businesses during the reporting period.
As with previous editions, NNPC noted that all operational and financial figures contained in the report remain provisional and are subject to reconciliation with relevant stakeholders.
The May report forms part of the national oil company’s monthly transparency initiative, through which it provides updates on production, financial performance, infrastructure projects and statutory obligations.
