KEY POINTS
- NNPC posted N481 billion profit after tax in April 2026, up 74 percent from March’s N276 billion.
- Oil revenue surged 79.23 percent to N4.97 trillion in April from N2.77 trillion recorded in March.
- Crude oil and condensate production rose 7.69 percent to 1.68 million barrels per day in April.
Nigeria’s national oil company turned in one of its best monthly performances on record in April. The Nigerian National Petroleum Company Limited posted N481 billion in profit after tax for the month, a 74 percent jump from the N276 billion it reported in March, according to the company’s April Monthly Report Summary released on its social media channels.
The profit surge was driven by a near doubling of oil revenue. Revenue from crude oil hit N4.971 trillion in April, up 79.23 percent from N2.77 trillion recorded in March. That is a significant single-month swing and reflects both stronger production volumes and favorable market conditions tied to the ongoing Hormuz crisis, which has pushed global crude prices higher and elevated demand for West African grades.
Crude oil and condensate production climbed to 1.68 million barrels per day in April, a 7.69 percent increase from the previous month. Gas production remained broadly stable, coming in at 7,730 million standard cubic feet per day against 7,731 mmscf/d in March.
Cumulative payments and infrastructure progress
Cumulative statutory payments from January through April 2026 stood at N3.714 trillion, reflecting the full-year trajectory of NNPC’s contributions to Nigeria’s federation account during a period of rising oil market activity.
On the infrastructure side, NNPC highlighted the successful completion of the OB3 River Niger Crossing project as a major milestone during the month. The company also reported continued progress on construction and installation activities along the Ajaokuta-Kaduna-Kano Gas Pipeline mainline, with early gas delivery to Abuja targeted before the end of 2026.
What the numbers signal
April’s results represent a meaningful reversal from the volatility that has characterized NNPC’s financial performance in recent quarters. A near doubling of revenue in a single month, combined with strong profit growth, signals that higher crude prices and improved production discipline are beginning to flow through the company’s financials in a measurable way.
NNPC said the April report also outlined strategic initiatives undertaken during the month to strengthen Nigeria’s energy infrastructure and enhance operational performance across its upstream and downstream operations.
