NNPC reports N7.2 trillion profit as revenue falls

Nigeria’s state-owned Nigerian National Petroleum Company Limited reported profit after tax of N7.2 trillion for 2025, up from N5.4 trillion in 2024, while revenue fell to N34.5 trillion, according to figures presented by Group Chief Executive Bayo Ojulari in Abuja on September 29. Ojulari said the company’s audited results showed that taxes, royalties and other payments to the government rose 39 per cent to about N22.3 trillion. NNPC also reported average crude oil and condensate production of 1.77 million barrels per day, which it described as a five-year high, and gas supply or output of 7.2 billion standard cubic feet per day, a three-year high. The company attributed the profit increase to improved operational efficiency and financial discipline. Ojulari said those changes helped offset pressure from lower crude prices and reduced petroleum product volumes. The supplied reports do not include the audited statements themselves, and NNPC did not provide a breakdown showing how individual business segments contributed to the profit growth. Revenue of N34.