Nigeria’s state oil company, NNPCL, reports that its July 2026 profit after tax drops sharply to N279 billion, down from N535 billion in June. The decline comes alongside lower revenue and weaker crude oil and natural gas production compared with the previous month, according to the company’s monthly financial and operational report.
Multiple outlets cite the same report, noting that July revenue falls by about 29.5% to N3.08 trillion. Both accounts link the reduced profitability to softer crude oil sales and production volumes, with production declines affecting earnings. While the coverage focuses on different aspects—one highlights the profit fall percentage, the other emphasizes revenue and PAT figures together—both describe the same overall pattern: a month-on-month contraction in both top-line revenue and bottom-line profit in July 2026. The reporting does not provide reasons beyond the stated lower revenue and production changes, and it does not include wider market or policy context beyond the company’s results.
