The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, says the national oil company remitted ₦19.5 trillion to the Federation Account between April 2025 and June 2026.
Ojulari disclosed this on Tuesday while speaking at the 2026 Nigeria Oil and Gas Energy Week in Abuja, where he highlighted the company's operational and financial performance over the past 14 months.
According to him, NNPC also realised cost savings of approximately $3.4 billion during the period through contract restructuring and operational optimisation.
He stated that crude oil production increased by six per cent year-on-year to 569.7 million barrels, while gas production rose by 8.1 per cent to 2.576 billion standard cubic feet over the same period.
The NNPC chief further revealed that the company achieved an average recovery rate of 98 per cent across its five crude oil export terminals between April 2025 and May 2026. He contrasted the performance with operational lows recorded in June 2022, when the Bonny Oil and Gas Terminal reportedly experienced a recovery rate of about one per cent.
Ojulari also announced that Nigeria's crude oil production has reached 1.71 million barrels per day, describing it as the highest level recorded in five years. He added that NNPC Exploration and Production Limited recorded a historic production level of 365,000 barrels per day.
On gas development, he said production has increased to 7.5 billion standard cubic feet per day, attributing the growth to the completion of the River Niger crossing on the Ajaokuta-Kaduna-Kano Gas Pipeline and the commissioning of the ANOH Gas Processing Plant.
Ojulari further stated that NNPC maintained full compliance with all Joint Venture cash call obligations throughout 2025 and up to June 2026, while continuing efforts to support the Federal Government's target of increasing crude oil production to two million barrels per day.
In her keynote address, the Special Adviser to the President on Energy, Olu Verheijen, said ongoing reforms in Nigeria's energy sector are beginning to restore investor confidence.
In her keynote address, the Special Adviser to the President on Energy, Olu Verheijen, said ongoing reforms in Nigeria's energy sector are beginning to restore investor confidence.
According to Verheijen, the country has secured more than $10 billion in Final Investment Decisions (FIDs) over the past three years, with energy projects valued at over $50 billion currently in the investment pipeline.
She said the administration is repositioning Nigeria as a competitive destination for global energy investment through regulatory reforms, fiscal incentives and improved policy certainty.
Verheijen added that the Federal Government is targeting crude oil production of three million barrels per day and gas production of 10 billion standard cubic feet per day by the end of the decade.
"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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