The Nigerian National Petroleum Company Limited (NNPCL) has reported a sharp decline in both revenue and profit for July, its latest monthly figures show.
Revenue dropped to ₦4.406 trillion — down from ₦4.571 trillion in June — reflecting a marginal but noticeable dip despite steady production levels.
Even more striking is the drop in Profit After Tax (PAT), which plunged to ₦185 billion in July, a staggering 79.6% fall from June’s ₦905 billion .
NNPCL attributes this sharp decline to rising cost-of-sales and tax adjustments, which outweighed steady output and revenue.
Production and Infrastructure Move Forward
Crude oil and condensate production climbed slightly to 1.70 million barrels per day, up from 1.68 mbpd in June.
Gas production also rose to 7.72 billion standard cubic feet per day, with gas sales increasing to 4.978 bscf/d, the highest this year .
The NNPCL continues to press ahead with infrastructure projects:
The AKK pipeline is progressing, with more subcontractors deployed to speed up completion.
A 113 km portion of the OB3 pipeline has been commissioned, already delivering 300 million scf/d of gas.
Strong Federation Remittances Continue
Despite the dip in profit, the company has remitted a total of ₦7.965 trillion to the Federation Account between January and July — a rise from ₦6.961 trillion recorded for January to May.
Though production levels and remittances remain strong, the sharp drop in profit highlights cost pressures and tax burdens weighing down NNPCL’s performance. As the company continues its infrastructure build-out, the financial slump serves as a warning flag amid Nigeria’s broader economic restructuring.
