NNPC Limited's Profit Soars to N7.2tn Amidst N22.3tn Government Remittance

The Nigerian National Petroleum Company Limited (NNPC Limited) has announced a significant 33% increase in its profit after tax, reaching N7.2 trillion in 2025. This impressive financial outcome was achieved despite a reduction in revenue, influenced by declining global crude oil prices and decreased product volumes within the domestic market.

Bayo Ojulari, the Group Chief Executive Officer of NNPC Limited, revealed these figures on Tuesday in Abuja during a press briefing to present the company’s 2025 audited financial results, highlight its achievements, and outline its strategic direction. Ojulari stated that the company's profit after tax climbed from N5.4 trillion in 2024 to N7.2 trillion in 2025, marking an N1.8 trillion growth. The total revenue for the period stood at N34.5 trillion, with earnings per share recorded at N35.9. Furthermore, NNPC Limited’s contributions to the government, including taxes, royalties, and other remittances, saw a 39% rise, totaling N22.3 trillion.

“We have released the NNPC Limited 2025 audited financial results. I want to explain what they mean. What drove them and where we go from here. The central result is clear. Profit after tax rose 33 per cent, from N5.4tn in 2024 to N7.2tn in 2025. Revenue was N34.5tn. While taxes, royalties and other remittances to government rose 39 per cent to N22.3tn,” Ojulari elaborated.

Explaining the factors behind the improved profitability, Ojulari noted that the company navigated revenue challenges stemming from lower international crude oil prices in 2025 and reduced product volumes following the market deregulation and removal of fuel subsidy. “Revenue declined as crude oil prices fell for those, as you recall, in 2025. But we also had some decline that resulted from a wide product volume reduction. Following the market regulation, as you know, with the removal of subsidy,” he said.

He attributed the profit growth, despite the difficult operating environment, to enhanced operational efficiency and stringent financial discipline across the national oil company’s business segments. “Yet, profit grew because we improved the way we operate. And we maintained discipline across our businesses,” Ojulari affirmed.

The audited results indicated that NNPC’s profit growth outpaced the increase in government remittances, and its operational performance also saw significant improvements. In terms of production, Ojulari reported that crude oil and condensate output reached 1.77 million barrels per day, marking a five-year high. Similarly, Nigeria’s gas supply achieved a three-year peak of 7.2 billion standard cubic feet per day.

“These gains reflect sustained attention to our assets, infrastructure and our focus on delivering visible results,” he stated. The GCEO emphasized that this improved financial and operational performance would strengthen NNPC Limited’s capacity to invest in its ventures, contribute substantially to government revenue, and bolster Nigeria’s energy security. However, he cautioned that the company must work to sustain and further improve these gains in the coming years.

“The numbers matter because of what they enable. Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue and strengthen Nigeria’s energy security. It also gives us higher standards to meet,” Ojulari remarked. He further added, “As we deliver exceptional results, the following year we strive to even beat those records.”

Ojulari acknowledged that the impressive results also elevate expectations for the company, necessitating a focus on building capacity to ensure sustained growth. “So having a good performance is not just easy. It means that the bar has been set one level higher. So we now need to focus on building the capacity to deliver,” he concluded. While the company did not detail the specific contributions of individual business segments to the profit increase, the figures underscore NNPC’s enhanced bottom-line performance despite revenue pressures.