NEWS
Profit Margin Still Below 10% as NNPC Ltd Reports N13tn Revenue in Four Months
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a total revenue of nearly N13 trillion trillion between January and April 2026, although the company continued to grapple with a relatively thin net profit margin of less than 10 percent during the same period.
This is detailed in the NNPC Ltd’s monthly report summaries for the first four months of 2026.
The report showed a high-volume operational model with a significant portion of earnings directed toward statutory obligations rather than net profitability.
The NNPC Ltd’s revenue trajectory across the four-month period showed significant volatility and growth, specifically reporting a total revenue of N12.996 trillion during the period under consideration.
Overall, the company reported revenue of N2.571 trillion in January. The figure moved to N2.680 trillion in February, rose to N2.774 trillion in March, and climbed to N4.971 trillion in April.
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However, profitability remained modest in comparison to the scale of revenue. The national oil major recorded a Profit After Tax (PAT) of N385 billion in January, followed by N136 billion in February, N276 billion in March, and N481 billion in April.
In all, the total profit after tax for the four-month period reached N1.278 trillion.
Measured against the total revenue of N12.996 trillion, the net profit accounted for roughly 9.8 percent of the total earnings, underscoring the substantial impact of operational costs, inefficiencies and perhaps, statutory payments on the company’s bottom line.
Also, statutory payments remained a primary driver of financial outflows for the state-owned energy firm. The cumulative statutory payments recorded from January through April totalled N3.714 trillion, representing a significant portion of the total revenue.
Besides, a review of the four-month data indicated that operational performance in the upstream sector demonstrated substantial volume when calculated across the 120 days of the period.
Operational performance in the upstream sector demonstrated substantial volume when calculated across the 120 days spanning the period. Total crude oil and condensate production, calculated by multiplying daily averages by the number of days in each month, reached approximately 191.88 million barrels.
A breakdown showed that the NNPC Ltd reported 1.64 million barrels per day in January; 1.51 million bpd in February; 1.56 million bpd in March and 1.68 million bpd in April, the highest so far in 2026.
In the same vein, natural gas production remained consistently stable throughout the period, with a cumulative total of approximately 906.158 Billion Standard Cubic Feet (BSCF).
Gas output in January was 7.283 BSCF per day in January; 7.454 BSCF per day in February; 7.731 BSCF per day in March and 7.730 BSCF per day in April.
The operational challenges and successes driving these numbers were varied. For instance, production metrics were influenced by factors such as the completion of Turn Around Maintenance and various infrastructure integrity issues, including the Trans Forcados Pipeline outage and asset-specific leakages identified throughout the first quarter.
Despite the hurdles, the NNPC Ltd maintained improved oil and gas output, supported by the continuous strategic effort to improve asset reliability and resolve evacuation constraints.
During the period, infrastructure development remained a core pillar of the company’s strategic efforts, including steady progress on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger crossing.
Since the Petroleum Industry Act (PIA) transformed the former Nigerian National Petroleum Corporation into the commercially oriented NNPC Limited in 2022, the expectation was that it would operate as a profit-driven company rather than a government agency. However, the company has continued to grapple with legacy operational challenges. One of the most visible challenges has been the state-owned refineries, where the national oil company has incurred substantial liabilities. Despite billions of dollars spent on rehabilitation, the facilities have remained shut, but continue to incur debts.
In 2025, the federal government approved the write-off of more than $1.4 billion and trillions of naira in historical obligations owed by NNPC as part of efforts to clean up its balance sheet and improve transparency.
While NNPC Ltd’s commercialisation has altered its legal structure, the company continues to navigate the difficult transition from a state-run oil corporation to a fully commercial energy enterprise, burdened by ageing assets, legacy debts, political expectations and operational inefficiencies.
NEWS
‘₦70,000 Is No Longer Enough’ — NLC Pushes for New Minimum Wage
The Nigeria Labour Congress (NLC) has called for an upward review of the national minimum wage, declaring that the current ₦70,000 salary can no longer meet the needs of Nigerian workers due to rising inflation and the increasing cost of living.
The demand was made on Friday at the Nigeria Rights of Workers Summit 2026 in Birnin Kebbi, Kebbi State, where labour leaders, government officials, employers, civil society organisations and workers gathered to commemorate 88 years of legally recognised trade unionism in Nigeria.
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Speaking on behalf of NLC President Joe Ajaero, the Deputy President of the Congress, Adewale Adeyanju (Amba), said the purchasing power of the current minimum wage has been severely eroded by prevailing economic realities.
“The current ₦70,000 minimum wage can no longer adequately respond to the realities confronting Nigerian workers, particularly with the rising cost of living,” Adeyanju said.
He noted that the existing wage arrangement has expired, making fresh negotiations with the Federal Government and state governments necessary.
According to him, labour expects a new wage structure that reflects current economic conditions and enables workers to meet their basic needs.
The summit, themed “The Rights of Workers: Decent Work and a Just Economy in Nigeria,” focused on workers’ remuneration, workplace safety, job security, discrimination, and the protection of casual and other non-traditional workers across the country.
Convener of the summit and Executive Director of Call a Lawyer, Ekpa Stanley, said the gathering was aimed at assessing the progress made in advancing workers’ rights while identifying areas requiring urgent attention.
“This summit is not only about celebrating 88 years of trade unionism; it is also an opportunity to reflect on what has been achieved, the challenges that remain, and what must be done to guarantee decent work for Nigerian workers,” he said.
Former NLC President Ayuba Wabba stressed that improving workers’ welfare should go beyond increasing salaries.
“Decent work is not only about wages. It is also about workers’ rights, social protection and meaningful social dialogue between workers, employers and government,” Wabba stated.
He urged policymakers to implement measures that guarantee workers’ dignity, strengthen social protection and improve job security amid the nation’s economic challenges.
Meanwhile, Kebbi State Governor Nasir Idris assured workers that his administration would implement any new national minimum wage approved by the Federal Government.
“Whatever is agreed upon at the national level on the minimum wage, Kebbi State will implement it,” the governor said.
He also pledged to advocate improved remuneration for workers during deliberations at the Nigeria Governors’ Forum.
Participants at the summit further called for stricter enforcement of labour laws, improved workplace safety, stronger protection against discrimination and greater support for workers in the informal sector.
The event concluded with goodwill messages from labour leaders, affiliate unions and representatives of the National Industrial Court, while awards were presented to individuals, including Governor Idris, in recognition of their contributions to workers’ welfare.
NEWS
How Anambra First Lady Nonye Soludo Beat Top Health Advocates to Win 2026 BudgIT Award
Anambra State First Lady, Dr. Nonye Soludo, has emerged as the winner of the Health Activism category at the 2026 BudgIT Active Citizens Awards, beating other leading health advocates to clinch the prestigious national recognition.
The award, now in its third edition, celebrates individuals and organisations making exceptional contributions to civic engagement, social development, accountability and sustainable development across Nigeria.
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Dr. Soludo earned the honour for her outstanding work in promoting preventive healthcare, community wellness and public health advocacy through her Healthy Living with Nonye Soludo Initiative, a non-governmental organisation dedicated to improving the health of communities across Anambra State.
She was selected ahead of renowned Nigerian health and gender rights advocate Ramatu Ada Ochekliye and public health and social impact professional Sidney Sampson following a rigorous evaluation process.
Nominees were assessed on innovation, impact, sustainability, inclusion, leadership and measurable community outcomes.
Receiving the award, the First Lady described the recognition as both humbling and a renewed call to deepen her commitment to public service.
“Like a family driven by one common goal, we have shown that when communities take ownership of their health, lasting transformation becomes very possible,” she said.
She dedicated the award to members of the Healthy Living with Nonye Soludo Initiative, healthcare workers, volunteers, community leaders, development partners and residents of Anambra State for embracing the vision of healthier living.
Dr. Soludo also expressed gratitude to BudgIT, Civic Hive and the Ford Foundation for the recognition, noting that it would inspire the initiative to expand its programmes and continue promoting healthier communities across the state.
In a statement, the Senior Special Assistant to the Governor’s Wife, Daniel Ezeigwe, said the award reflects growing national recognition of the impact of Dr. Soludo’s healthy living campaign, describing it as a model for advancing preventive healthcare and healthy lifestyles.
According to Ezeigwe, the First Lady has championed several people-centred initiatives since assuming office.
These include statewide fitness campaigns, maternal and child health advocacy, nutrition education, environmental sanitation, the Healthy Living Pad Bank for schoolgirls, free seed distribution to households and the Nonye’s Healthy Living Pap Initiative, which is aimed at tackling childhood malnutrition.
“These programmes have touched thousands of lives while reinforcing the importance of prevention as the foundation of a healthier society,” Ezeigwe said.
He added that the latest recognition underscores Dr. Soludo’s unwavering commitment to improving the health and wellbeing of Anambra residents while contributing to Nigeria’s broader public health development.
NEWS
Four Injured as Petrol Tanker Bursts Into Flames During Fuel Discharge in Abuja
Four people were injured after a petrol tanker carrying approximately 60,000 litres of Premium Motor Spirit (PMS) burst into flames while offloading fuel at AYM Shafa Filling Station in Area 3, Garki, Abuja, on Thursday night.
The filling station, located beside the Federal Capital Territory Internal Revenue Service (FCT-IRS) office along Funmilayo Ransome-Kuti Way, witnessed panic as the fire spread to part of the adjoining three-storey FCT-IRS building before emergency responders brought the situation under control.
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The Federal Fire Service (FFS), in a statement issued on Friday by its National Public Relations Officer and Head of Corporate Services, DCF Paul Abraham, confirmed that the blaze was successfully extinguished through a coordinated emergency response involving multiple firefighting appliances, medium water jets and foam compound.
According to the statement, the Controller-General of the Federal Fire Service, Olumode Samuel Adeyemi, personally led the operation as Incident Commander and remained at the scene until the early hours of Friday to ensure the fire had been completely extinguished.
The Fire Service disclosed that the four injured victims, all adult males, were evacuated by a National Emergency Management Agency (NEMA) ambulance to a nearby hospital, where they received treatment and were later discharged.
Following a thorough inspection of the site, officials confirmed there were no further fire outbreaks or additional casualties, while all emergency personnel and equipment safely returned to their respective stations after the operation.
The FFS commended residents, motorists and members of the public for cooperating with safety directives throughout the emergency.
It also acknowledged the support of sister agencies, including the FCT Fire Service, NEMA, the Nigeria Police Force, and other emergency responders for their swift intervention.
The agency further announced that an investigation has commenced to determine both the immediate and underlying causes of the incident in a bid to prevent similar occurrences in the future.
“The Federal Fire Service remains committed to safeguarding lives, property and critical national assets through prompt, professional and coordinated emergency response,” the statement added.





