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…
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