NNPC remits N19.5tn to Federation Account in 14 months

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By Obas Esiedesa, Abuja

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The Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, yesterday disclosed that the company remitted N19.5 trillion to the Federation Account between April 2025 and June 2026.

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Speaking during the 2026 Nigeria Oil and Gas Energy Week in Abuja, Ojulari said the company also achieved $3.4 billion in cost savings over the period through contract restructuring and optimisation.

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He said oil production increased by six per cent year-on-year to 569.7 million barrels, while gas production rose by 8.1 per cent year-on-year to 2.576 billion standard cubic feet.

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Ojulari disclosed that NNPC recorded an average recovery rate of 98 per cent across its five crude oil export terminals between April 2025 and May 2026, compared with operational lows of about one per cent at the Bonny Oil and Gas Terminal in June 2022.

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He also announced that Nigeria’s crude oil production had risen to 1.71 million barrels per day, the highest level in five years, while NNPC Exploration and Production Limited (NEPL) recorded a historic production of 365,000 barrels per day.

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According to him, gas production has climbed to 7.5 billion standard cubic feet per day, driven by the successful completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the commissioning of the ANOH Gas Processing Plant.

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Ojulari further stated that NNPC maintained 100 per cent compliance with all Joint Venture cash call obligations throughout 2025 and up to June 2026, while sustaining efforts to achieve the national crude oil production target of two million barrels per day.

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In her keynote address, the Special Adviser to the President on Energy, Olu Verheijen, said Nigeria’s energy reforms were beginning to restore investor confidence, with more than $10 billion in Final Investment Decisions (FIDs) secured over the past three years and over $50 billion worth of investments currently in the project pipeline.

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Verheijen said the administration was repositioning Nigeria as a competitive destination for global energy capital through regulatory reforms, fiscal incentives and improved policy certainty.

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She said the government was targeting crude oil production of three million barrels per day and 10 billion standard cubic feet of gas per day by the end of the decade.

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“Capital is no longer sentimental. It is not moved by speeches, slogans or sympathy. It follows credibility and asks one question: can this country turn resources into bankable projects and bankable projects into reliable returns?” she said.

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