NNPC reports 33% rise in 2025 profit despite lower revenue

The Nigerian National Petroleum Company Limited recorded a 33 per cent increase in profit after tax in 2025 despite lower revenue, its Group Chief Executive Officer, Bayo Ojulari, said on Tuesday. Presenting the company’s audited financial results in Abuja, Ojulari said profit rose from N5.4tn in 2024 to N7.2tn in 2025. Revenue stood at N34.5tn, while earnings per share reached N35.9.

Taxes, royalties and other payments to the government increased by 39 per cent to N22.3tn, according to the figures presented by the company. Ojulari attributed the stronger bottom-line performance to operational improvements and financial discipline. He said revenue had come under pressure from falling international crude oil prices and reduced product volumes following changes in the domestic petroleum market after the removal of subsidy.

Despite those pressures, crude oil and condensate production peaked at 1.77 million barrels per day, which Ojulari described as the company’s highest level in five years. Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day. Ojulari said the improved performance would give NNPC greater capacity to invest in its businesses, contribute to public revenue and support Nigeria’s energy security.

He cautioned, however, that the company would need to build its capacity to sustain the gains. The figures presented did not include a breakdown showing how individual business segments contributed to the increase in profit. Ojulari said the results had raised the standard the company would need to meet in subsequent years.