NNPC posts N7.2trn profit despite revenue decline
Remits N22.3trn to government, supplies 278.2m barrels to refineries
By Obas Esiedesa, Abuja
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N7.2 trillion in 2025, representing a 33 per cent increase from the N5.4 trillion posted in 2024.
The company, however, recorded a 23.4 per cent decline in revenue, from N45.075 trillion in 2024 to N34.516 trillion in 2025.
NNPC Ltd also reported earnings per share of N35.9, while its taxes, royalties and other remittances to the Federal Government rose by 39 per cent to N22.3 trillion.
The company attributed the increase in profit despite the decline in revenue to improved operational efficiency and cost discipline.
Speaking on the results, NNPC Ltd Group Chief Executive Officer, GCEO, Engr. Bayo Ojulari, said the drop in revenue was largely due to lower crude oil prices and reduced white-product volumes following market deregulation.
He said the company nevertheless recorded improved operational performance, with crude oil and condensate production reaching a five-year high of 1.77 million barrels per day at its peak in 2025.
Natural gas supply also rose to a three-year high of 7.2 billion standard cubic feet per day, he added.
According to the company, total crude oil production during the year stood at 565.8 million barrels, out of which 278.2 million barrels were supplied to domestic refineries.
It added that gas supply to power plants and commercial customers stood at 473.3 billion standard cubic feet during the year.
Ojulari said the financial results demonstrated the impact of operational discipline and efficiency across the company.
“The numbers matter because of what they enable. Stronger performance gives NNPC Limited more capacity to invest, contribute to public revenues and strengthen Nigeria’s energy security. It also gives us a higher standard to meet next year,” he said.
He said the improved operational performance reflected sustained attention to the company’s assets, infrastructure and delivery, adding that stronger financial performance would enhance NNPC Ltd’s capacity to invest and support Nigeria’s energy security.
Human capital development
On human capital development, Ojulari said NNPC Ltd was strengthening its workforce through its Talent to Value programme, which focuses on developing skills required for production growth, gas monetisation and a stronger downstream business.
He said more than 1,000 newly recruited professionals had completed a rigorous one-year internship and training programme and had been deployed across the company.
Ojulari added that women currently occupy 23 per cent of leadership positions in NNPC Ltd, compared with an industry average of 17.6 per cent.
$60bn investment target
On investments, the GCEO said the company was advancing the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the Obiafu-Obrikom-Oben (OB3) gas pipeline projects.
He described the projects as critical to delivering more gas to industries, power generation and other sectors of the economy.
On efforts to revive Nigeria’s refineries, Ojulari said progress had been made under NNPC’s Technical Equity Partnership model, with prospective partners conducting due diligence on the assets.
He said the process was aimed at improving the commercial viability of the refineries and strengthening domestic energy security.
Ojulari said the refineries would not be reopened until issues surrounding their capacity to operate commercially and sustainably had been resolved.
Looking ahead, he said NNPC Ltd had set a target of increasing crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
The company also targets natural gas production of 10 billion standard cubic feet per day by 2027 and 12 billion standard cubic feet per day by 2030.
Ojulari further disclosed that NNPC Ltd plans to mobilise $60 billion in investments across the energy value chain by 2030.
He stressed that achieving the targets would require capital, partnerships and disciplined execution.
According to him, the company would be measured by the progress it makes against the targets, noting that its 2025 performance had demonstrated the importance of operational discipline and a capable workforce.
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