Nigeria produced an estimated 295.18 million barrels of crude oil and condensate valued at about $28.08bn (approximately N41.74tn) in the first six months of 2026, reflecting a modest recovery from the second half of last year despite a slight decline compared to the corresponding period of 2025.

An analysis of production figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that average crude oil and condensate production stood at 1.63 million barrels per day between January and June 2026.

The production, valued using monthly Bonny Light crude oil prices and converted using the Central Bank of Nigeria’s (CBN) monthly average official exchange rates, highlights the enormous value of Nigeria’s hydrocarbon resources, even as the country continues to grapple with production challenges, oil theft and fluctuating international crude prices.

The analysis showed that Nigeria’s first-half production increased by 1.93 per cent compared to the estimated 289.59 million barrels produced in the second half of 2025.

However, output remained below the 298.85 million barrels recorded in the first six months of 2025, representing a 1.23 percent year-on-year decline, indicating that although production has improved in recent months, it has yet to fully recover to last year’s levels.

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The data showed that the country produced 50.45 million barrels in January, 41.55 million barrels in February, 48.49 million barrels in March, 49.90 million barrels in April, 52.72 million barrels in May, and 52.06 million barrels in June.

A month-by-month analysis showed that the year kicked off with a solid January performance, averaging 1,627,460 barrels per day over 31 days to yield a monthly total of 50,451,260 barrels.

However, February saw a sharp decline of 8.82 percent in daily output, dropping to 1,483,940 bpd. Combined with the shorter 28-day month, February’s total output dipped to 41,550,320 barrels. March initiated a recovery, with daily production climbing 5.40 percent to 1,564,100 bpd over 31 days, bringing total output to 48,487,100 barrels.

This upward momentum accelerated throughout the second quarter. Daily production in April jumped 6.35 per cent to 1,663,430 bpd over 30 days, totalling 49,902,900 barrels. May maintained the momentum, with a 2.25 per cent daily increase to 1,700,800 bpd. Across its 31 days, the month delivered the highest production volume of the half-year at 52,724,800 barrels.

June closed the second quarter on a high note, with daily output rising another 2.03 percent to 1,735,398 bpd over 30 days, contributing 52,061,940 barrels to the half-year total. The monthly shift in production volumes, coupled with global oil price volatility, heavily impacted revenue generation throughout the first half of the year.

Using the average monthly Bonny Light prices, the estimated gross value of production in dollar terms stood at $3.43bn in January before dropping 12.24 percent to $3.01bn in February. March recorded a 70.76 percent surge amid Middle East tensions to $5.14bn, a growth streak that continued into April with a 22.96 percent increase to a peak of $6.32bn.

However, revenues contracted in the final two months of the half-year, falling 6.01 percent to $5.94bn in May and declining a further 28.62 per cent to close June at $4.24bn. When converted using the Central Bank of Nigeria’s monthly average exchange rates, the local currency returns mirrored this volatile trajectory.

The estimated gross value in January stood at N5.18tn before declining 12.74 percent to N4.52tn in February. March recorded a sharp 70.58 per cent increase to N7.71tn, followed by a 21.92 percent rise in April to a half-year high of N9.40tn.

The valuation then declined in the final two months, sliding 7.02 percent to N8.74tn in May and dropping another 29.18 percent to end June at N6.19tn. Altogether, Nigeria’s crude oil and condensate production for the six-month period was worth an estimated N41.74tn.

According to The PUNCH, the figures represent the gross market value of crude oil and condensate produced and should not be mistaken for government earnings. Actual government revenue is significantly lower after accounting for production costs, royalties, taxes, profit-sharing arrangements under joint ventures and production-sharing contracts, as well as crude oil allocated to investment partners.

The gradual improvement in production aligns with the Federal Government’s intensified efforts to curb crude oil theft, secure oil infrastructure and encourage upstream investments under the Petroleum Industry Act (PIA).

The government has repeatedly stated that increasing crude oil production remains one of its key priorities for improving foreign exchange earnings, boosting government revenue, and strengthening Nigeria’s fiscal position. Nigeria has also continued to benefit from relatively strong international crude oil prices during parts of the year.

Bonny Light crude averaged $68.05 per barrel in January before rising to $72.33 in February, $106.09 in March, and peaking at $126.71 per barrel in April amid heightened geopolitical tensions and supply concerns. Prices later moderated to $112.63 in May and $81.48 in June.

Recall that on Sunday, the NUPRC announced that crude oil production had climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries (OPEC) production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.

Despite the improved production performance, the country’s average output remains below the OPEC’s production quota for most months, underscoring the need for sustained investment, improved security and higher operational efficiency across the upstream sector.

The estimated N41.74tn gross value of Nigeria’s crude oil and condensate production in the first six months of 2026 represents a significant portion of the Federal Government’s projected N60.97tn oil revenue for the full 2026 fiscal year.

Sustaining production above 1.7 million barrels per day in the second half of the year will be critical if Nigeria hopes to meet its budget assumptions, improve foreign exchange inflows and maximise the benefits of favourable crude oil prices in the international market.

Allegations that N210 trillion is missing from the accounts of the Nigerian National Petroleum Company Limited (NNPC Ltd), have been waved-off as baseless.

Former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, made the clarification at the Senate, maintaining that a detailed review of the oil major’s 2023 audited financial statements revealed no evidence of missing funds.

He shared his views before the Senate Committee reviewing the NNPC Ltd’s 2023 audited accounts on Tuesday. According to Wunti, the widely circulated claim was the result of a fundamental misunderstanding of accounting principles rather than proof of financial misconduct.

Addressing lawmakers, the former NAPIMS boss said his independent examination of the audited statements found no reference to the alleged missing N210 trillion.

“I have gone through this document page by page. I have not found where N210 trillion was mentioned,” Wunti told the committee.

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He explained that the disputed amount emerged after two completely different balance-sheet entries were incorrectly combined and presented as missing money.

Wunti maintained that about N107 trillion represented sundry receivables—funds owed to NNPC Ltd by third parties—while another N103 trillion reflected accrued expenses, which are liabilities the company is obligated to pay.

He stressed that under globally accepted accounting standards, the two entries serve entirely different purposes and cannot be merged to suggest that funds had disappeared.

“Receivables are money other people owe you. Accrued expenses are money you owe other people. Accounting standards require these items to be reported separately. They cannot simply be added together and described as missing money,” he said.

Based on his review of the audited financial statements, Wunti declared under oath that there was no factual basis for allegations that N210 trillion had vanished from NNPC Ltd’s books.

The Senate committee had invited Wunti, who previously supervised upstream investments at the NNPC Ltd, to conduct an independent assessment of the company’s 2023 audited accounts and present his findings.

Although he noted that his tenure did not cover the entire period under review, Wunti said it substantially overlapped with the years captured in the audit, giving him firsthand knowledge of the accounting framework, financial reporting processes and operational structure of the national oil company.

He also sought to explain what he described as the unique accounting framework of national oil companies, saying NNPC Ltd’s financial reporting is more complex than that of conventional commercial enterprises.

According to him, unlike private corporations, NNPC Ltd simultaneously functions as a commercial business, serves as custodian of Nigeria’s oil and gas assets on behalf of the Federation and performs strategic national energy security responsibilities.

These multiple roles, he explained, require separate accounting records and reporting frameworks, making the company’s audited financial statements more intricate than those of ordinary corporate organisations.

Wunti recalled that before the enactment of the Petroleum Industry Act (PIA), the defunct Nigerian National Petroleum Corporation (NNPC) combined commercial, regulatory and policy responsibilities within a single organisation.

While the PIA separated many of those responsibilities, he pointed out that the NNPC Ltd still maintains distinct accounting records to reflect both its commercial activities and its management of assets belonging to the Federation.

The former NAPIMS chief, who headed the agency from March 2020 before serving as Chief Offshore Investment Officer of the NNPC Upstream Investment Management Services (NIUMS) until December 2024, maintained that no case of fraud or missing funds was reported during his time in office.

“There was no reported fraud or money missing throughout the period under my stewardship,” he told lawmakers.

Wunti also addressed another issue raised before the committee, disputing reports that N5.8 billion was spent to incorporate NNPC Ltd after the implementation of the PIA.

He explained that the actual statutory payments made to the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) for filing fees and stamp duties amounted to approximately N2.45 billion.

According to him, the larger N5.8 billion figure resulted from accounting entries recorded separately across different books because one arm of the organisation paid the statutory charges on behalf of government shareholders, while another reflected the same transaction in its reporting records.

“The only money paid was about N2.45 billion, and it went directly to government institutions. No third party received any payment,” he said.

To prevent similar controversies in future, Wunti urged stronger collaboration among the NNPC Ltd, the Office of the Accountant-General of the Federation and the Office of the Auditor-General of the Federation to deepen understanding of the company’s accounting framework and reporting procedures.

He also called for greater appreciation of the constitutional and statutory provisions governing NNPC Ltd, particularly the PIA, arguing that a proper understanding of the legal framework would lead to more accurate interpretation of the company’s financial statements and reduce public misconceptions.

Following the presentation, Chairman of the Senate Committee, Senator Ibrahim Dankwambo, said members would examine Wunti’s report alongside the audited financial statements before deciding whether further clarification would be required.

The committee subsequently adjourned proceedings to continue its review of the submissions.

The Senate’s ongoing scrutiny of NNPC Ltd’s 2023 audited accounts has drawn widespread public attention amid allegations of financial irregularities and conflicting interpretations of figures contained in the company’s audited financial statements.

The Federal Government has declared that it cannot tackle Nigeria’s growing social and humanitarian challenges alone, urging faith-based organisations, the private sector, civil society groups and patriotic citizens to join hands in addressing the country’s worsening poverty crisis.

The call was made on Friday in Abuja during the unveiling of the Knights of St. Mulumba (KSM) Nigeria’s N2 billion Endowment Fund and Integrated Charity Programme, an initiative designed to provide sustainable funding for humanitarian interventions, education, healthcare, legal aid, support for widows and orphans, correctional services and emergency relief.

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The appeal comes amid rising inflation and deepening economic hardship that have left more Nigerians relying on churches, mosques and charitable organisations for survival, stretching the capacity of both government and voluntary groups.

Representing the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, the Chairman of the House Committee on Christian Pilgrimage Affairs, Hon. Festus Adefiranye, said solving Nigeria’s social challenges requires collaboration beyond government.

“Government alone cannot solve every social challenge confronting our nation. Sustainable national development requires a genuine partnership among public institutions, faith-based organisations, the private sector and civil society.

“Today’s event goes beyond the unveiling of an endowment fund. It is a reaffirmation of the enduring values of compassion, sacrifice, true worship and solidarity upon which every prosperous society is built.”

Abbas also commended the Knights of St. Mulumba for over seven decades of contributions to education, healthcare, youth development, justice and humanitarian services.

He praised the structure of the endowment fund, saying: “I am particularly encouraged that the endowment fund adopts a sustainable financial model, preserving capital while disbursing investment returns to support humanitarian causes year after year. This is a model of prudent stewardship and institutional resilience that deserves emulation by many charitable organisations.”

Also speaking, the Secretary to the Government of the Federation (SGF), Senator George Akume, represented by his Special Assistant, Simon Tyungu, said Nigeria’s development challenges demand innovative solutions and stronger partnerships.

“Government alone cannot address every developmental challenge. Lasting progress can only be achieved through strong partnerships involving faith-based organisations, the private sector, civil society and patriotic citizens committed to the common good.”

Describing the initiative as more than just a financial scheme, Akume added: “It represents the institutionalisation of compassion, the sustainability of charity and the deliberate investment in humanity. It is a bold declaration that genuine service to God must find practical expression in service to mankind.”

He urged philanthropists, corporate organisations and well-meaning Nigerians to support the initiative, describing every contribution as “an investment in hope, dignity and a more compassionate society.”

Kogi State Governor Ahmed Usman Ododo, represented by the Secretary to the State Government, Mrs. Folashade Ayoade, pledged support for the programme and encouraged Christian, Muslim and traditional faith organisations to establish similar initiatives for widows, orphans, displaced persons and other vulnerable Nigerians.

“Government cannot do this alone. Nor should it.”

Earlier, the Worthy Supreme Knight of KSM Nigeria, Sir Steve Adehi (SAN), said worsening economic conditions and declining membership contributions prompted the organisation to establish the endowment fund.

According to him, the Order, founded in 1953, has spent over seven decades supporting communities through education, healthcare, legal assistance, humanitarian services and women empowerment programmes.

“Our Order was founded in 1953. In its 73 years of existence, the Order has impacted communities through education, healthcare, humanitarian services, legal assistance and women empowerment programmes.

“As our society is advancing and our economic situation deteriorating, the need for these interventions has increased. These interventions have mostly been funded through dues and levies from members.

“Our membership strength is dwindling owing to death, age and economic decline. In order to respond to these increasing demands, we have to look for alternative ways of funding our charitable works.”

Adehi explained that the endowment fund would permanently change the way the organisation finances its charity programmes.

“We are building a permanent, professionally managed fund. We will keep its baseline capital entirely intact forever. Going forward, we will finance our charity programmes exclusively with the investment income generated by this fund, ensuring we never use the fund’s core capital. Instead, we will continue to grow the capital.”

He disclosed that the Order aims to raise an initial N2 billion, with contributions expected from members, corporate organisations and development partners.

To protect the fund, he said the organisation would amend its constitution to prevent present and future leaders from accessing the principal amount, while investment proceeds would be used to finance healthcare outreach, scholarships, humanitarian relief, legal services, correctional centre interventions, social justice advocacy and emergency support for communities affected by economic or ecological hardship.

“What we build today will serve the Church, strengthen communities and speak for us long after our time on earth has passed,” he added.