Connect with us

latest

NNPC Revenue Hits ₦2.68tn As Profit Crashes 64% In February.

Published

on

Nigerian National Petroleum Company Limited posted ₦2.68 trillion in revenue for February 2026, reflecting a 4.2 percent increase from the ₦2.57 trillion recorded in January.....KINDLY READ THE FULL STORY HERE▶

Despite the revenue growth, the company’s profit after tax fell sharply by 64.67 percent to ₦136 billion, down from ₦385 billion in the previous month, highlighting mounting operational and fiscal pressures.

According to NNPC’s February monthly report released on Saturday, earnings improved, but profitability weakened significantly.

The drop in profit was largely linked to increased statutory remittances to the Federal Government following a presidential directive that scrapped the 30 percent profit retention in the oil and gas sector.

As a result, NNPC’s remittance rose by 148.48 percent, climbing from ₦726 billion in January to ₦1.804 trillion in February.

The company said its contributions remain a major source of government revenue amid ongoing economic challenges.

Crude oil output drops

Crude oil and condensate production declined to 1.51 million barrels per day in February from 1.64 million barrels per day in January.

A breakdown showed crude oil production at 1.27 million barrels per day, while condensate stood at 0.24 million barrels per day.

NNPC attributed the decline to several operational setbacks, including the shutdown of the Trans Forcados Pipeline due to integrity issues, start-up challenges at Stardeep Agbami GTC 2 and 3 after maintenance, delays at the Sterling Oguali flow station, and production constraints at Enyie wells.

Gas output improves

Despite lower crude production, natural gas output rose strongly to 7,458 million standard cubic feet per day, one of the highest levels recorded in recent months.

However, gas sales stood at 4,893 million standard cubic feet per day on a two-month lag basis, slightly below peak levels seen in mid-2025.

Total crude oil and condensate sales for February stood at 23.08 million barrels, lower than the 28.64 million barrels recorded in October 2025, reflecting both production and evacuation challenges.

Fuel supply and infrastructure

On the downstream side, NNPC said fuel availability at its retail stations dropped to 58 percent, raising concerns over supply efficiency and possible shortages in some areas.

The company also reported progress on major gas pipeline projects aimed at boosting domestic supply and improving energy security.

The Ajaokuta-Kaduna-Kano gas pipeline project has reached 93 percent completion, with efforts ongoing to deliver early gas supply to Abuja and northern regions.

Similarly, the Obiafu-Obrikom-Oben gas pipeline project is now 96 percent complete, with drilling work continuing in collaboration with stakeholders.

NNPC reaffirmed its commitment to restoring production through improved operational efficiency, stronger infrastructure reliability, and faster resolution of evacuation constraints.

The report noted that all figures remain provisional and subject to reconciliation as efforts continue to stabilise production and unlock Nigeria’s oil and gas potential.

Advertisement

latest

“We Are Overpaid!” Senator Ndume Sparks Outrage With Explosive Demand For Salary Cuts.

Published

on

Senator Ali Ndume, representing Borno South, has sparked a conversation on fiscal responsibility by admitting that National Assembly members are currently overcompensated. During a recent appearance on Trust TV’s Daily Politics on Friday, June 26, 2026, the senator argued that Nigeria’s spending priorities require a significant shift to better support military and security agencies, which are currently struggling with funding.....KINDLY READ THE FULL STORY HERE▶

Ndume contended that the high costs associated with maintaining government officials and lawmakers contrast sharply with the inadequate rewards for soldiers and police officers who risk their lives daily. Emphasizing that any serious dialogue on security funding must address the overall cost of governance, he maintained that he and his colleagues receive pay that exceeds what is appropriate.

In a candid admission regarding the cost of governance, Senator Ali Ndume stated that Nigerian lawmakers are currently being overpaid. Speaking on Trust TV’s Daily Politics on June 26, 2026, the Borno South representative urged the government to prioritize the funding of security agencies over the high salaries and allowances of top officials. Ndume stressed that those on the front lines, such as soldiers and police officers, deserve better support, and he reiterated his long-standing position that the current remuneration for public officeholders, including himself, is excessive.

Continue Reading

entertainment

From Music Icon To Criminal? Charly Boy Confesses To Dark Past In America.

Published

on

Veteran entertainer and activist Charles Oputa, better known as Charly Boy, is peeling back the curtain on a hidden chapter of his life. In a candid interview on Arise Television’s Prime Time, the “Area Fada” reflected on his youth, confessing to a past riddled with “foolish mistakes,” including involvement in white-collar crime during his twenties in the United States. These revelations—and more—are detailed in his upcoming, unvarnished memoir, 999, which he describes as an unfiltered account of his journey from recklessness to redemption.....KINDLY READ THE FULL STORY HERE▶

Beyond his past struggles, Charly Boy shared how aging has shifted his focus from seeking confrontation to prioritizing peace, wellness, and service. This spirit of service also fueled his openness regarding his battle with prostate cancer, an experience he used to provide support to other men navigating similar diagnoses. Despite the current challenges facing Nigeria, he remains hopeful, insisting that the nation’s future ultimately rests with its youth.

Option 2: Concise & Punchy (Best for digital news feeds)

In a shocking revelation during his appearance on Arise TV’s Prime Time, Charly Boy has admitted to engaging in white-collar crime while living in the U.S. as a young man. The activist stated that his forthcoming memoir, 999, serves as an honest account of his past failures, triumphs, and the “stupid things” he did before finding his current path of peace and personal growth.

The veteran star also opened up about his journey surviving prostate cancer, noting that the experience motivated him to advocate for men’s health and break the stigma surrounding vulnerability. Looking at the national landscape, Charly Boy emphasized that he remains optimistic, placing his faith in the potential of Nigerian youth to secure the country’s salvation.

Continue Reading

latest

CAMPAIGN FUNDS BOMBSHELL! Abure Declares: “Aisha Yesufu Was In Charge of Peter Obi’s Account!”

Published

on

Former Labour Party (LP) National Chairman, Julius Abure, has firmly rejected claims of financial mismanagement during his tenure. During a recent appearance on Channels Television’s Sunrise Daily, Abure clarified that campaign donations were not deposited into the party’s accounts.....KINDLY READ THE FULL STORY HERE▶

  • Separate Campaign Funding: Abure explained that Peter Obi, the party’s former presidential candidate, preferred to maintain a distinct account for campaign donations and insisted on appointing specific individuals to manage those funds.

  • Responsibility for Funds: Abure stated that activist Aisha Yesufu was a signatory to this account and asserted that she, along with Ighodalo, held responsibility for the administration of the campaign funds, noting that Yesufu has previously acknowledged that these donations were not channeled to the party.

  • Focus on Elections: Emphasizing the party’s priorities, Abure stated that his leadership was focused on campaign success and winning the election, rather than the administration of those specific funds.

  • Leadership Dispute: Abure criticized the Independent National Electoral Commission (INEC) for listing the group led by Senator Nenadi Usman on its official website, labeling Usman as an “interloper” who unlawfully seized his office.

  • Internal Conflict: Maintaining his stance from two weeks prior, Abure blamed Peter Obi and Governor Alex Otti for fueling the party’s leadership crisis by backing the caretaker committee formed in Umuahia, which he claims destabilized a previously peaceful administration.

Continue Reading

Trending

Copyright © 2023 NIVONEWS