NNPC’s profit rises 33% to N7.2tn, remits N22.3tn to government

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari. Photo: X | Bayo Ojulari

The Nigerian National Petroleum Company Limited recorded a 33 per cent increase in profit after tax, to N7.2tn in 2025, despite a decline in revenue amid falling crude oil prices and reduced product volumes. The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed this on Tuesday in Abuja during a media interaction to present the company’s 2025 audited financial results, achievements, and strategic vision. Ojulari said the company’s profit after tax rose from N5.4tn in 2024 to N7.2tn in 2025, representing an increase of N1.8tn. Revenue stood at N34.5tn, while earnings per share reached N35.9. Taxes, royalties and other remittances to the government increased by 39 per cent to N22.3tn. He said, “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.” Explaining the results, Ojulari said the company’s improved profitability came despite revenue pressures from lower international crude oil prices and reduced product volumes following changes in the domestic petroleum market. “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.See more Punch stories on Google.Add Punch on Google He added that operational improvements and financial discipline helped the national oil company increase its profit despite the challenging conditions. “Yet, profit grew because we improved the way we operate. And we maintained discipline across our businesses,” Ojulari stated. The results showed that the company’s profit growth outpaced the increase in government remittances, which rose by 39 per cent, while its operational performance also improved. On production, Ojulari said crude oil and condensate output peaked at 1.77 million barrels per day, the highest level in five years. Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day. Africa will largely end fuel imports by 2030 – Dangote  Eunisell Interlinked profit rises 31% as equity strengthens Crude hits $107 as Qatar brokers fresh Iran talks “These gains reflect sustained attention to our assets, infrastructure and our focus on delivering visible results,” he said. According to the GCEO, the improved financial and operational performance would strengthen NNPC’s capacity to invest in its businesses, contribute to government revenue and support Nigeria’s energy security. He, however, warned that the company must sustain the gains and improve its performance in subsequent 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 said. He added, “As we deliver exceptional results, the following year we strive to even beat those records.” Ojulari said the improved results also raised expectations for the company, making it necessary to strengthen its capacity to sustain 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 said. The profit growth came despite revenue pressures from lower international crude oil prices and reduced product volumes following changes in the domestic petroleum market. The figures indicate that NNPC improved its bottom-line performance even as its revenue came under pressure, although the company did not provide a breakdown of the contribution of individual business segments to the profit increase in the figures presented. Damilola Aina Damilola Aina is a journalist at Punch Newspapers with over five years of experience covering energy, business, investment, infrastructure, and property sectors. He specializes in producing well-researched and insightful reports that inform readers and provide clarity on complex topics. Damilola’s work demonstrates practical newsroom experience, editorial insight, and a strong commitment to accurate and engaging journalism.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Stay informed and ahead of the curve! Follow The Punch Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don't miss a headline – join now!

Stay in the know—fast. Get instant alerts, breaking headlines, and exclusive stories with the Punch News App. Download now and never miss a beat.