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How NNPC Lost N10.6 trillion Revenue in 2025
The Nigerian National Petroleum Company Limited (NNPCL) has stated that it generated N34.5trn in 2025, a drop in N10.6trn from the N45.1trn generated in 2024.
Speaking during the presentation of the 2025 Audited Financial Statement, the GCEO of NNPCL, Engr. Bashir Bayo Ojulari, said the drop is due to drop in production and global prices in crude oil.
He however, said despite the drop, it was able to increase its profit after tax by 33% to N7.2 trillion from N5.4 trillion in 2024.
He added that it paid Tax, royalties and remittance to the federal government to the tune of N22.3trn, while an average of 1.77m barrels per day of crude oil and 7.2bn standard cubic feet per day (mmscf/d).
He said the increase in remittances despite a drop in revenue is due to cut in some expenses.
“Revenue declined as crude oil price fell, as you recall, in 2025, but we also had some decline that resulted from wide product volume reduction following the market regulation, as you know, with the removal of subsidy. Yet, profit grew because we improved the way we operate and we maintained discipline across our businesses.
Operationally, crude oil and condensate production reached a five-year high of 1.77 million barrels per day at its peak. Nigerian gas supply reached a three-year high 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. The numbers matter because of what they enable.
“We pay for some services with crude oil and last year, we stopped that. Part of the revenue we’re seeing in 2025 was part of the leakages that we stopped. It was money going in that was not bringing net positive outcomes. So by stopping that leakage last year, both the crude and the extra money we’re spending has come into what is pulling together to report, right? So we’ve reduced that waste.
”Going forward, our structure is whoever is coming with us, we have to work together to make sure that the refinery can make money and until we find a pathway for it to make money, we’re not going to go.”
He added that the rehabilitation of the Port Harcourt and Warri refineries is geared towards ensuring they make money, while that of Kaduna will take place later next year.
On listing of the company in the Nigerian Stock Exchange, he said it is looking into its books to ensure everything is in place before the process begins.
“We’re making very good progress. We’re filling the first phase of diagnostics in terms of gaps. And those of you who know about listing, if you want to list properly, you need to do your homework.”
He also expressed the company’s commitment to the crude-for-Naira sale but said it is still selling some crude in dollars due to the need for the currency to pay for some services.
“We have a commitment for supplying crude in Naira for a specific number of cargoes, but the extra crude that is available, we only supply in dollars. The reason for that is that our commitments are in dollars. The rigs that are drilling for us, we pay them in dollars. The projects that we install, we pay in dollars. Our cash home to our operators are paid in dollars. So, there’s no point in receiving Naira and then going to the Central Bank.
“So, that’s the reason that we see that apart from the crude to Naira, which was approved by the federal government, we maintain that, right? But all the other transactions we do are in dollars because our commitments are in dollars.”
On his part, the Chief Financial Officer of NNPCL, Adedapo Segun, said the increase in remittances kept cost of sales at basically the same level of percentage of revenue as it was in 2024.
