The Nigerian National Petroleum Company (NNPC) Limited reported a 33% increase in profit after tax to N7.2 trillion for the 2025 fiscal year, despite a decline in total revenue to N34.5 trillion, attributed to falling crude oil prices and reduced white product volumes. The company’s financial results, released on Thursday, highlight a stark contrast between profitability gains and revenue challenges, as outlined by Group Chief Executive Officer Bashir Ojulari. Ojulari attributed the profit growth to improved operational efficiency and fiscal discipline across NNPC’s business units. He noted that crude oil and condensate production reached a five-year high of 1.77 million barrels per day, while domestic gas supply climbed to a three-year peak of 7.2 billion standard cubic feet per day. These figures, he said, reflect the impact of sustained investments in asset integrity, infrastructure, and execution. The company’s revenue for 2025 stood at N34.5 trillion, down from N39.8 trillion in 2024, primarily due to lower crude oil prices and a reduction in white product volumes. Ojulari acknowledged the decline but emphasized that the profit increase was driven by cost management and operational improvements. “Profit after tax rose 33%, from N5.4 trillion in 2024 to N7.2 trillion in 2025. Revenue was N34.5 trillion naira. We also recorded earnings per share of N35.9 naira,” he stated. Taxes, royalties, and other remittances to the government rose by 39% to N22.3 trillion in 2025, underscoring NNPC’s role in bolstering public revenue. Ojulari highlighted the company’s commitment to strengthening Nigeria’s energy security, noting that the profit growth provides greater capacity to invest in infrastructure and public services. “Stronger performance gives NNPC more capacity to invest, more capacity to contribute to public revenue, and strengthen Nigeria’s energy security,” he said. The CEO also outlined ambitious production targets for the coming years, including crude oil output of 2 million barrels per day by 2027 and 3 million by 2030, alongside natural gas production of 10 billion standard cubic feet per day by 2027 and 12 billion by 2030. These goals, he said, are underpinned by over $60 billion in planned investments across the energy value chain. “We believe with the right ambition, we can mobilize the right focus, the right energy towards attaining those ambitions,” Ojulari added. NNPC’s efforts to revitalize its refineries remain a priority. Ojulari revealed that the company conducted a three-month onsite technical assessment with 34 engineers, aiming to establish a self-sustaining, profitable refinery. “We believe a not-too-distant future will define that pathway forward,” he said, emphasizing the need for sustainable operations. The CEO also reiterated the company’s focus on connecting gas to the market to drive industrialization, aligning with government infrastructure investments. The 2025 results come amid broader challenges for Nigeria’s energy sector, including fluctuating global oil prices and domestic supply constraints. However, Ojulari expressed confidence in NNPC’s trajectory, stating, “Having a good performance is not just easy. It means that the bar has been set one level higher.” The company’s financial resilience, he argued, positions it to meet future demands while supporting national development. The report underscores the complex interplay between profitability and revenue in Nigeria’s energy landscape. While NNPC’s 2025 performance reflects strategic gains, the decline in revenue highlights ongoing vulnerabilities. The company’s ability to balance these dynamics will be critical in shaping Nigeria’s energy future.
NNPC Posts 33% Profit Surge to N7.2 Trillion in 2025, Despite Revenue Decline
NNPC Posts 33% Profit Surge to N7.2 Trillion in 2025, Despite Revenue Decline
The Nigerian National Petroleum Company (NNPC) Limited reported a 33% increase in profit after tax to N7.2 trillion for the 2025 fiscal year, despite a decline in total revenue to N34.5 trillion, attributed to falling crude oil prices and reduced white product volumes. The company’s financial results, released on Thursday, highlight a stark contrast between profitability gains and revenue challenges, as outlined by Group Chief Executive Officer Bashir Ojulari. Ojulari attributed the profit growth to improved operational efficiency and fiscal discipline across NNPC’s business units. He noted that crude oil and condensate production reached a five-year high of 1.77 million barrels per day, while domestic gas supply climbed to a three-year peak of 7.2 billion standard cubic feet per day. These figures, he said, reflect the impact of sustained investments in asset integrity, infrastructure, and execution. The company’s revenue for 2025 stood at N34.5 trillion, down from N39.8 trillion in 2024, primarily due to lower crude oil prices and a reduction in white product volumes. Ojulari acknowledged the decline but emphasized that the profit increase was driven by cost management and operational improvements. “Profit after tax rose 33%, from N5.4 trillion in 2024 to N7.2 trillion in 2025. Revenue was N34.5 trillion naira. We also recorded earnings per share of N35.9 naira,” he stated. Taxes, royalties, and other remittances to the government rose by 39% to N22.3 trillion in 2025, underscoring NNPC’s role in bolstering public revenue. Ojulari highlighted the company’s commitment to strengthening Nigeria’s energy security, noting that the profit growth provides greater capacity to invest in infrastructure and public services. “Stronger performance gives NNPC more capacity to invest, more capacity to contribute to public revenue, and strengthen Nigeria’s energy security,” he said. The CEO also outlined ambitious production targets for the coming years, including crude oil output of 2 million barrels per day by 2027 and 3 million by 2030, alongside natural gas production of 10 billion standard cubic feet per day by 2027 and 12 billion by 2030. These goals, he said, are underpinned by over $60 billion in planned investments across the energy value chain. “We believe with the right ambition, we can mobilize the right focus, the right energy towards attaining those ambitions,” Ojulari added. NNPC’s efforts to revitalize its refineries remain a priority. Ojulari revealed that the company conducted a three-month onsite technical assessment with 34 engineers, aiming to establish a self-sustaining, profitable refinery. “We believe a not-too-distant future will define that pathway forward,” he said, emphasizing the need for sustainable operations. The CEO also reiterated the company’s focus on connecting gas to the market to drive industrialization, aligning with government infrastructure investments. The 2025 results come amid broader challenges for Nigeria’s energy sector, including fluctuating global oil prices and domestic supply constraints. However, Ojulari expressed confidence in NNPC’s trajectory, stating, “Having a good performance is not just easy. It means that the bar has been set one level higher.” The company’s financial resilience, he argued, positions it to meet future demands while supporting national development. The report underscores the complex interplay between profitability and revenue in Nigeria’s energy landscape. While NNPC’s 2025 performance reflects strategic gains, the decline in revenue highlights ongoing vulnerabilities. The company’s ability to balance these dynamics will be critical in shaping Nigeria’s energy future.