The Nigerian National Petroleum Company Limited has transferred ₦7.913 trillion to the Federation Account within the first seven months of 2026, highlighting the oil company’s continued role in strengthening government revenue despite a decline in crude production.

The figure was disclosed in NNPC’s July 2026 operational and financial performance report released on Wednesday. The report showed that the company generated ₦3.087 trillion in revenue during July and recorded a profit after tax of ₦279 billion.

Despite the strong financial performance, NNPC reported a decline in crude oil and condensate production during the month. Output fell from 1.73 million barrels per day in May to 1.72 million barrels per day in June, before dropping further to 1.68 million barrels per day in July.

The company attributed the July decline to operational challenges affecting several assets, including facility outages, equipment unavailability, pipeline incidents and other production constraints.

NNPC said it was taking steps to reverse the production decline by improving facility reliability, strengthening preventive maintenance and reducing unplanned downtime across its operations.

The company also identified measures such as improving export operations at FEPL and Nembe EP, developing additional production opportunities and strengthening operational reliability across key facilities.

It further disclosed plans to activate tandem offloading operations at Akpo and Erha to improve export flexibility, while efforts are also being made to restore barging operations at Obodo to enhance production evacuation.

On gas operations, NNPC reported that its upstream pipeline network recorded 100 per cent availability during the month. Natural gas production stood at about 7.49 billion standard cubic feet per day, while gas sales were approximately 4.6 billion standard cubic feet per day.

The company also reported significant progress on major gas infrastructure projects. The Obiafu-Obrikom-Oben gas pipeline project reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano gas pipeline was reported to be about 95 per cent complete.

NNPC Retail’s petrol station availability, however, stood at 52 per cent in July, with performance varying across different regions.

The latest remittance represents an increase from the ₦6.286 trillion transferred to the Federation Account between January and June 2026, meaning July alone added more than ₦1.6 trillion to the cumulative figure.

The development comes amid the Federal Government’s ongoing efforts to improve petroleum revenue collection and ensure that revenues due to the Federation are transferred appropriately. Earlier in February, President Bola Ahmed Tinubu issued an executive order aimed at strengthening the management and remittance of oil and gas revenues to the Federation Account.

NNPC, however, noted that the production, sales and financial figures contained in its July report are provisional and remain subject to reconciliation with relevant stakeholders.