NNPC profit drops 48% to N279bn as July revenue falls

The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a sharp decline in profitability in July 2026, with profit after tax falling to N279 billion from N535 billion in June. Revenue also fell from N4.389 trillion in June to N3.087 trillion in July, representing a decline of about 29.7%. This weaker financial performance is attributed to lower crude oil and natural gas production, with average crude oil production at 1.68 million barrels per day in July, down from 1.72 million in June.