The Nigerian National Petroleum Company (NNPC) Limited said it has remitted a total of ?7.913 trillion in statutory payments to the Federal Government between January and July 2026. This was contained in the company’s July performance report released on Wednesday. According to the report, the monthly payments rose to N1.63 trillion in July from N1.43 […] The post NNPC remitted N7.91trn to Federation Account between January and July 2026 —Report appeared first on Tribune Online .
The Nigerian National Petroleum Company (NNPC) Limited said it has remitted a total of ?7.913 trillion in statutory payments to the Federal Government between January and July 2026.
This was contained in the company’s July performance report released on Wednesday.
According to the report, the monthly payments rose to N1.63 trillion in July from N1.43 trillion in June, bringing the total remittance between January and July to N7.91 trillion.
The figures underscore the state oil firm’s continued commercial viability and operational progress in the upstream and midstream sectors.
The increase in federation payments comes amid the implementation of Executive Order 9, signed by President Bola Tinubu earlier in 2026.
The order removed NNPCL’s previous authority to deduct certain statutory obligations at source, including the 30 per cent Frontier Exploration Fund and 30 per cent management fees.
The July report showed that the recorded a 48 percent decline in profit after tax in July, as lower crude oil sales and weaker gas output reduced its financial performance during the month.
NNPCL’s profit after tax fell to N279bn in July from N535bn recorded in June, while revenue dropped by 31.5 per cent from N4.38trn to N3trn.
The company’s July performance, it was gathered affected by a decline in crude oil sales, which fell to 21 million barrels during the month.
NNPCL attributed the reduction in crude volumes to several operational challenges, including facility outages, equipment unavailability, pipeline incidents, and other production constraints affecting its operations.
According to the July report, crude oil & condensate daily production stood at 1.68 million barrels per day (mmbopd).
The company’s gas business also recorded a decline during the month. Gas sales fell to 4,581 million standard cubic feet per day (mmscf/d) in July from 4,970mmscf/d in June, while gas production stood at 7,489mmscf/d.
The report also showed that Premium Motor Spirit (PMS) availability across NNPC Retail Limited (NRL) stood 52 percent in July 2026.
The highlights show that upstream pipeline availability achieved a 100 per cent operational uptime rate across network infrastructure.
Construction on the Obiafu-Obrikom-Oben (OB3) gas pipeline project achieved full completion at 100 per cent, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project reached 95 per cent completion, nearing its final operational milestone.
On strategic efforts, NNPCL said it is implementing measures aimed at recovering production and improving operational reliability following the decline recorded in July.
The company plans to strengthen preventive maintenance, reduce unplanned downtime and improve the reliability of key production facilities.
It also identified efforts to optimise exports at the Forcados Export Platform and Nembe Export Project, alongside the development of incremental production opportunities, as part of its recovery strategy.
NNPCL further plans to improve crude evacuation through tandem offloading operations at the Akpo and Erha fields and the restoration of barging operations at Obodo.
