NNPC Ltd Remitted N8.86tn To Govt Coffers In Seven Months

The Nigerian National Petroleum Company Ltd has remitted over N8.86tn as statutory payment between January and July this month.

The figure was disclosed by the National Oil Company in its report for the month of August this year, which was seen by THE WHISTLER.

The report put the crude oil and condensates production during the month of August at 1.65 million barrels per day while natural gas production was put at 6.949 million standard cubic feet per day.

In the month of August, the NNPC saod it generated the sum of N4.65tm as revenue while making a profit after tax of N539bn during the period under review.

On its strategic efforts during the period, the NNPC said it sustained industry wide collaboration and ramp up production post completion of scheduled Turn Around Maintenance (TAM) of some production facilities.

It attributed the dip in August production to scheduled maintenance at some upstream facilities, which were aligned with Nigeria LNG’s Turn Around Maintenance (TAM).

Construction activities, it added progressed at multiple fronts to ensure accelerated delivery of mainline.

THE WHISTLER had last month reported that the series of reforms being implemented in the oil and gas sector by the federal government yielded positive results, with the country recording its highest oil production of 1.7 million barrels per day in the month of July.

An analysis of the report showed that the crude production volume of 1.7 million is the highest recorded this year in the oil and gas sector.

In January, crude oil production was 1.67MBPD. The figure went down to 1.62MBPD and further to 1.56MBPD in February and March, respectively, before rising marginally to 1.61MBPD in April.

In the months of May and June this year, the production volume rose to 1.63MBPD and 1.68MBPD, respectively, before hitting the peak production of 1.7MBPD in July.

For gas production, the country also witnessed a tremendous increase with the July production hitting a peak of 7.7MMSCF/D from the 7.58MMSCF/D recorded in June.

The rise in production boosted revenue as the NNPCL recorded N4.4tn revenue and a profit of N185bn in the month of July this year.

The Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, had reaffirmed the company’s strategic direction towards value creation, competitiveness and efficiency as the foundation of its new business model.

The GCEO made this known while delivering a keynote address themed “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production,” at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025).

Speaking on NNPC Ltd.’s transformation, Ojulari underscored the company’s renewed focus on operational excellence and investor confidence, driven by the provisions of the Petroleum Industry Act (PIA) and global market dynamics.

He explained that resilience for the Nigerian oil and gas sector must translate into concrete reforms across operations, governance, and partnerships.

“With the Petroleum Industry Act (PIA), we now have a framework to transform our investment climate. NNPC Limited is now operating under a new business model, focused on value creation, competitiveness, and efficiency. This includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure across the value chain.” Ojulari reiterated.

The GCEO emphasized that beyond production volumes, the future of Nigeria’s oil and gas industry rests on strong Environmental, Social, and Governance (ESG) practices, adding that global investors and communities alike now judge energy companies not only by what they produce but how responsibly they produce it.

“Today, oil and gas companies are judged not only by what they produce, but how they produce it. Environmental stewardship, social responsibility, and sound governance are now critical metrics for accessing capital, winning community support, and sustaining growth. NNPC Limited has initiated an Energy Transition Roadmap—reducing our carbon footprint, investing in gas as a transition fuel, and improving transparency.” he revealed.

He stressed the need for stakeholder alignment to unlock stranded assets and boost incremental production through smarter, coordinated actions across the value chain.