NNPC Profit Rises 54.5% to ₦431bn in August 2026

NNPC Ltd recorded a profit after tax of ₦431 billion in August 2026, up 54.5% from ₦279 billion in July, according to its monthly report summary for August, as reported by TheCable, Leadership and ThisDay. Revenue for the month was about ₦3.74 trillion, up from about ₦3.09 trillion in July, and average crude oil and condensate production rose slightly to 1.69 million barrels per day (bpd). NNPC says all the figures are provisional. Here is what the report shows and why it matters beyond the oil sector.

The August numbers at a glance

Revenue figures differ slightly by outlet. TheCable reported ₦3.73 trillion for August and ₦3.08 trillion for July, while Leadership and ThisDay reported ₦3.74 trillion and ₦3.09 trillion. Either way, revenue rose by about 21%.

By our calculation, profit after tax was about 11.5% of revenue in August, compared with about 9% in July. Profit grew much faster than revenue, which suggests better margins on each naira of sales, though the summary does not break down costs.

Production: a small gain, with limits

Leadership reported that the 1.69 million bpd average was made up of about 1.43 million bpd of crude oil and 0.25 million bpd of condensate. The report linked the improvement to the resolution of incidents on Floating Production Storage and Offloading (FPSO) vessels.

The gain was held back by several problems listed in the report:

• deferments from drilling activities;
• equipment and facility maintenance;
• gas curtailment;
• pipeline and flowline integrity issues;
• tank-top and offtake constraints.

TheCable also reported that crude oil and condensate sales rose to 24.56 million barrels in August.

This NNPC figure is different from the OPEC number covered in our earlier report. OPEC's secondary sources measure crude oil only, while NNPC's 1.69 million bpd includes condensate, a light liquid produced alongside gas. The two should not be compared directly.

Money to government

Cumulative statutory payments, which are payments NNPC makes to government under the law, rose 19.89% to ₦9.49 trillion for January to August, from ₦7.91 trillion for January to July. By our calculation, that means about ₦1.58 trillion was paid in August alone.

This matters for the wider economy. Oil money is still a major source of revenue for the federation, which shares funds with states and local governments. Higher payments can ease pressure on government finances and, in turn, on borrowing.

Gas pipelines and fuel supply

The report also gave updates on key gas projects:

TheCable reported that the OB3 milestone followed the commissioning of the River Niger crossing. Leadership also reported that petrol (PMS) availability at NNPC Retail stations was 54% in August.

Why profit swings month to month

Monthly results for a company of NNPC's size can move sharply. A few points help explain why one month should not be over-read:

• Oil prices change. Revenue depends heavily on crude and product prices.
• Output is uneven. Shutdowns and repairs can cut volumes in one month and restore them in the next.
• Figures are provisional. NNPC says production, sales and financial numbers are subject to reconciliation with stakeholders.

What to watch next

Three things will show whether August was a one-off or the start of a better run.

• The September report. The August summary only appeared in October, so the September report may be some weeks away. When it comes, it will show whether profit stayed above ₦400 billion and whether output held near 1.69 million bpd.
• Delivery on AKK. NNPC has said it aims to deliver gas to Abuja in 2026. With 95% of the pipeline complete in August, the final stretch and the first gas flows are the next milestone.
• Fuel availability. If supply at NNPC Retail stations improves from 54%, it would point to smoother distribution of petrol across the country.

What this means for investors

• NNPC is not listed, but its numbers move markets. Oil revenue affects government finances, the naira and the supply of dollars, all of which matter for NGX shares and bonds.
• Watch oil and gas stocks. Stronger production and pipeline progress can affect listed producers and gas users, though each company has its own risks.
• Gas pipelines could change costs. If the AKK pipeline delivers gas to Abuja as planned, industries along the route could gain access to cheaper energy over time.
• Treat monthly figures with care. One strong month is useful, but a trend over several months tells you more.
• Retail fuel supply is still patchy. A 54% PMS availability rate at NNPC Retail stations shows supply challenges remain at the pump.

This is for information only and is not investment advice.

FAQ

How much profit did NNPC make in August 2026?

NNPC Ltd reported a profit after tax of ₦431 billion in August 2026, up 54.5% from ₦279 billion in July.

What was NNPC's oil production in August 2026?

Average crude oil and condensate production was 1.69 million barrels per day, up from 1.68 million in July. Gas production was 7,680 mmscf/d.

Are NNPC's monthly figures final?

No. NNPC says all production, sales and financial figures in the monthly report are provisional and subject to reconciliation.

Sources

• NNPC Ltd, "NNPC Limited Monthly Report Summary August 2026" (9 Oct 2026)
• TheCable, "NNPC says its profit increased to N431bn in August, crude output rose to 1.69m bpd" (13 Oct 2026)
• Leadership, "NNPC Records 54.5% Profit Growth to N431bn in August" (Oct 2026)
• ThisDay, "NNPCL's profit after tax rises to N431bn in August - Report" (Oct 2026)