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.
ALSO READ: Workers Suspend Strike at NUPRC
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
‘Leave Sowore Alone, Fight Terrorists Instead’ — Timi Frank Slams Security Agencies
Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has urged Nigeria’s security agencies to stop the arrest and detention of activist and presidential candidate, Omoyele Sowore, and instead channel their energy toward tackling bandits and terrorists across the country.
Frank made the call in a statement issued on Tuesday, describing the arrest of Sowore as a “national disgrace” and accusing the State Security Service (SSS) of misplaced priorities amid worsening insecurity in Nigeria.
SEE MORE: BREAKING: “Rescue the Children or Resign” — Sowore Marches on Aso Rock as Security Tightens
He said it was alarming that security operatives were focusing on political figures while violent groups continue to unleash terror on innocent citizens in several parts of the country.
“It is unfortunate that the SSS seems more interested in going after opposition figures than confronting the bandits and terrorists terrorising innocent Nigerians. This arrest is clearly politically motivated,” Frank said.
He argued that while security agencies expend resources tracking government critics, armed groups responsible for killings, kidnappings, and displacement continue to operate with little resistance.
Frank, who also serves as Ambassador of the United Liberation Movement for West Papua to East Africa and the Middle East, warned that such actions could erode public trust in security institutions and further deepen tensions ahead of the 2027 general elections.
He called on security agencies to redirect their attention to real threats facing citizens, stressing that national security should not be politicised.
Meanwhile, Timi Frank maintained that Nigeria’s priority should be restoring safety and stability rather than targeting dissenting voices.
NEWS
2027 Elections: NYSC DG Warns Corps Members Against Political Campaigns, Gives Reasons
The Director-General of the National Youth Service Corps (National Youth Service Corps), Brig.-Gen. Olakunle Nafiu, has warned corps members to steer clear of partisan political activities ahead of the 2027 general elections, stressing the need to preserve the scheme’s long-standing neutrality.
Nafiu gave the warning on Tuesday during a town hall meeting with 2026 Batch ‘B’ Stream I corps members at the temporary NYSC orientation camp in Amada, Akko Local Government Area of Gombe State.
He cautioned corps members against attending political campaign rallies or engaging in any activity that could suggest alignment with any political party, noting that such actions could damage the credibility of the NYSC.
READ MORE: Why NYSC Stopped Orientation Exercise for Corps Members in Niger State
According to him, the reputation of the scheme has been built over decades of political neutrality, which has made corps members trusted participants in national elections under the Independent National Electoral Commission (Independent National Electoral Commission).
“And since 1999, we have continued to strengthen our democratic process season after season. We are going into another electioneering season, and campaigns will soon begin. Don’t go to campaign grounds as a corps member,” he said.
The NYSC boss further warned corps members against wearing official uniforms or insignia to political gatherings, saying such appearances could easily be misinterpreted by the public.
“If I grab you with this face cap, this crested vest, this white-on-white and this khaki at a campaign ground and they capture you, the headline will be: ‘NYSC aligns with XYZ party,’” he cautioned.
Nafiu stressed that Nigerians and the international community have continued to trust corps members during elections because of their neutrality, adding that this trust must not be compromised.
He also urged corps members to become agents of positive change in society rather than passive critics, encouraging them to embrace discipline, hard work, and meaningful engagement.
In addition, he advised them to reduce excessive use of social media and focus on productive activities such as entrepreneurship and networking.
In a lighter moment, the DG announced the donation of a cow to the orientation camp community, which drew cheers from corps members.
Earlier, the Gombe State NYSC Coordinator, Chinwe Nwachukwu, disclosed that 1,349 corps members—comprising 649 males and 700 females—had been registered for the orientation exercise.
She noted that the corps members had adapted well to camp life and were actively participating in skills acquisition programmes, while also highlighting security measures, including aerial drone surveillance by the Nigerian Air Force 109 Combat Reconnaissance Group.
However, she listed challenges affecting the camp, including erratic electricity supply, heavy dependence on generators, and lack of a multipurpose hall.
NEWS
Why Politics Won’t Stop Abuja’s Massive Development Projects — Wike
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has assured residents that ongoing development projects across Abuja will continue uninterrupted despite growing political activities ahead of the 2027 general elections.
Wike gave the assurance on Tuesday during the flag-off of the construction of service carriageways of the Southern Parkway, from Arterial Road S20 (Oladipo Diya Way) to Ring Road II, as part of projects being inaugurated to mark President Bola Tinubu’s third year in office.
SEE ALSO: ‘You Can’t Fool Nigerians Anymore’ — Wike Blasts ADC, NDC
The minister said the FCT Administration remains focused on transforming the nation’s capital in line with the directives of President Bola Tinubu, stressing that politics would not derail the administration’s development agenda.
Addressing concerns over whether new projects would still be initiated as political campaigns begin to gather momentum, Wike said the government would continue to prioritize infrastructure development.
“Today is our 10th day of commissioning projects, and today was specifically selected because so many people have been asking questions: ‘Are you saying that after commissioning these projects, now that we are going into politics, there will be no more projects to embark upon?’” he said.
“We say no. Politics or no politics, we must continue to do that which Mr President has directed, to make sure that we change the entire landscape of the Federal Capital Territory.”
Wike expressed confidence that Abuja would undergo a remarkable transformation before the end of Tinubu’s first tenure in office.
“Let me clearly say that by the time Mr President finishes his first tenure on May 29, 2027, and before he is sworn in as President in his second tenure, the landscape of Abuja will entirely change to the glory of God,” he stated.
According to the minister, the various road and infrastructure projects being executed across the Federal Capital Territory are designed to improve infrastructure, ease transportation challenges, stimulate economic growth, and enhance the quality of life for residents.
President Tinubu was represented at the event by the National Chairman of the All Progressives Congress (APC), Prof. Nentawe Yilwatda.
The Southern Parkway project is one of several road and infrastructure developments currently being undertaken by the FCT Administration under Wike’s leadership.
The projects form part of broader efforts to modernise Abuja and position the city as a world-class capital.
The event was also part of the ongoing commissioning of projects marking President Tinubu’s third anniversary in office, with the FCT Administration highlighting its commitment to sustained development regardless of the political climate.
Wike maintained that governance and service delivery would remain the administration’s priority, assuring residents that more projects would be initiated and completed in the coming months despite preparations for the 2027 elections.





