The NNPC (Nigerian National Petroleum Company) Limited disclosed the figures in its August 2026 monthly report⁠, published on October 9.

According to the report, profit after tax rose from ₦279 billion in July to ₦431 billion in August, an increase of ₦152 billion. Revenue also climbed by 21.1%, from ₦3.09 trillion to ₦3.74 trillion.

Oil production increases slightly

Nigeria’s combined crude oil and condensate production reached 1.69 million barrels daily in August, compared with 1.68 million in July.

However, the increase was relatively small. Crude oil production alone declined slightly from approximately 1.44 million to 1.43 million barrels daily, while condensate output increased.

Condensate is a light petroleum liquid extracted alongside natural gas and included in Nigeria’s combined oil production figures.

Natural gas production also improved, rising from 7.49 billion standard cubic feet daily in July to 7.68 billion in August.

NNPC said production benefited from resolving operational disruptions, although equipment maintenance, drilling activities and pipeline problems continued to limit output.

Government payments reach ₦9.49 trillion

NNPC reported that its cumulative statutory payments to the government reached ₦9.49 trillion between January and August 2026.

This represents an increase from the ₦7.91 trillion recorded between January and July, indicating approximately ₦1.58 trillion in additional payments during August.

Statutory payments are funds transferred to the government under applicable financial obligations, including taxes, royalties and other required contributions.

These payments are separate from NNPC’s reported revenue and profit and should not be interpreted as additional company earnings.

Major gas projects record progress

The company also reported progress on two important gas pipelines intended to improve gas transportation across Nigeria.

Its Obiafu-Obrikom-Oben (OB3) pipeline reached full operational status following the commissioning of its River Niger crossing. The project connects gas networks in eastern and western Nigeria.

Meanwhile, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline was reported to be 95% complete, with efforts continuing to deliver gas to Abuja before the end of 2026.

Both projects are expected to support improved gas supply for industrial and commercial activities.

What this means for Nigerians

NNPC’s improved earnings could strengthen government revenue and support investment in Nigeria’s energy infrastructure.

However, higher company profits do not automatically translate into lower fuel prices or cheaper electricity. Those outcomes depend on supply, infrastructure, market conditions and government policies.

The important question is whether stronger oil earnings will eventually translate into more reliable energy, greater public revenue and measurable improvements in Nigerians’ living conditions.

NNPC noted that its August figures remain provisional and subject to reconciliation.