NNPC Revenue Rises to ₦2.68trn in February, Profit Falls 65% on Production Woes

The Nigerian National Petroleum Company’s latest monthly report shows revenue climbed by 4.2% to ₦2.68 trillion in February despite crude output dropping from 1.64 mbpd to 1.51 mbpd due to pipeline outages and operational disruptions. Profit after tax plunged by 64.7% to ₦136 billion following a presidential directive that removed the 30% profit retention, boosting remittances to the Federation Account and driving statutory payments to the federal government up by 148.5% to ₦1.8 trillion. On the production front, crude output stood at 1.27 mbpd with condensate at 0.24 mbpd, while gas production reached 7,458 mmscf/d. Downstream fuel availability fell to 58% at NNPC Retail stations, raising supply concerns. Major gas pipelines are nearing completion, with the Ajaokuta-Kaduna-Kano line at 93% and Obiafu-Obrikom-Oben at 96%, as NNPC pledges better asset management and faster issue resolution to stabilise output.

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