NNPC Profit Falls 35% to About US$1.7 Billion in First Half
NIGERIA · ENERGY & PUBLIC FINANCE
Key Facts
—The headline: NNPC Limited posted ₦2.28 trillion — about US$1.7 billion — in profit after tax for the first half of 2026, per Nairametrics’ 3 August 2026 review of the company’s monthly performance data.
—The fall: that is 35.4% below the ₦3.53 trillion recorded in the first half of 2025.
—The gap: roughly ₦1.25 trillion less profit than the same six months a year earlier, about US$0.9 billion at the 4 August 2026 official rate of around ₦1,368 to the dollar.
—The monthly path: ₦385bn in January, a low of ₦136bn in February, then ₦276bn, ₦481bn, ₦462bn and a half-year high of ₦535bn in June.
—The comparison base: 2025 was uneven, including a ₦161bn January loss and a ₦1.054 trillion May.
—Why it travels: NNPC paid ₦6.286 trillion into the Federation Account over the half, down from ₦8.162 trillion a year earlier — money Nigeria’s federal, state and local governments share.
NNPC profit fell 35.4% in the first half of 2026, to ₦2.28 trillion — about US$1.7 billion — from ₦3.53 trillion a year earlier. The money it actually paid into Nigeria’s Federation Account fell further, to ₦6.286 trillion from ₦8.162 trillion, according to Nairametrics’ 3 August 2026 review of NNPC’s monthly figures.
What the NNPC profit fall shows month by month
The half did not decline steadily. It started weak, sank, then climbed.
January delivered ₦385 billion and February only ₦136 billion, the low point of the period. March recovered to ₦276 billion.
The second quarter was consistently stronger, at ₦481 billion in April and ₦462 billion in May. June closed the half at ₦535 billion, the best month of the six.
That shape matters for the rest of the year. A company exiting the half at its strongest month is not a company in free fall.
Why the comparison base flatters the decline
The 2025 half NNPC is being measured against was unusually lumpy. It opened with a ₦161 billion loss in January and recorded another small loss, of ₦7 billion, in March.
It then produced ₦987 billion in February, ₦748 billion in April and ₦1.054 trillion in May. June added ₦904 billion.
Three very large months carried that base. Comparing a steadier 2026 against them exaggerates how much has gone wrong operationally.
The shortfall is nonetheless real. Profit after tax came in roughly ₦1.25 trillion below last year, and the cash NNPC remitted to the Federation Account fell further still.
Remittances came to ₦6.286 trillion against ₦8.162 trillion a year earlier, a drop of about ₦1.88 trillion or roughly US$1.4 billion. That, not the profit line, is the number that reaches the budget.
The fiscal read, not the oil read
NNPC is not an ordinary listed company whose earnings concern only shareholders. Its remittances feed the federation account that Nigeria’s federal, state and local governments share.
A weaker first half therefore tightens budgets far from the oil sector. It also lands while Abuja leans harder on non-oil revenue: the Nigeria Revenue Service issued guidelines for the taxation of virtual assets on 3 August 2026, setting out registration, reporting, record-keeping and valuation obligations.
For foreign investors, the transmission runs through the naira, which traded at about ₦1,368 to the dollar on the official market this week. Crude exports remain Nigeria’s dominant source of export earnings, so a weaker oil sector narrows the buffer sitting behind that rate.
How to read the numbers responsibly
One qualification deserves emphasis. These figures come from Nairametrics’ compilation of NNPC’s own monthly financial performance disclosures, not from an audited interim account.
Monthly management numbers and audited results rarely reconcile exactly. Provisions, subsidy accounting and settlement timing all move between the two.
The direction is still informative. A 35.4% year-on-year fall is too large to be explained by presentation alone.
What to watch in the second half
The obvious variable is the crude price, which has been volatile through the northern summer on Middle East risk. A sustained higher Brent would flatter the second half against a weaker 2025 comparison.
The second is domestic refining, which changes how much product Nigeria imports and at what cost. The third is whether June’s ₦535 billion proves to be a turn or a one-month peak.
Audited half-year accounts, when they arrive, are the document that settles the question. Until then the monthly series is the best available signal.
Frequently Asked Questions
How much did NNPC profit fall in the first half of 2026?
NNPC profit after tax fell 35.4% to ₦2.28 trillion, about US$1.7 billion, from ₦3.53 trillion in the first half of 2025. That is a shortfall of roughly ₦1.25 trillion, or about US$0.9 billion.
Which month was NNPC’s weakest in the first half of 2026?
February, at ₦136 billion. The strongest was June, at ₦535 billion.
Why does the decline look so steep?
The 2025 comparison base was unusually lumpy, including ₦1.054 trillion in May 2025 and ₦987 billion in February 2025 alongside two loss-making months. Measuring a steadier 2026 against those peaks exaggerates the operational deterioration.
Why does NNPC’s profit matter beyond the oil sector?
NNPC remittances feed the federation account shared by Nigeria’s federal, state and local governments. A weaker half therefore tightens budgets well outside the energy industry.
Are these figures audited?
No. They are Nairametrics’ compilation of NNPC’s monthly financial performance disclosures, and monthly management figures do not always reconcile exactly with audited accounts.
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Sources: NNPC monthly figures (via Nairametrics, 3 August 2026).
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