Presidency warns against restoring petrol subsidy as NNPC reports stronger 2025 results

The Presidency has warned that restoring Nigeria’s petrol subsidy regime could damage the Nigerian National Petroleum Company Limited, while highlighting what it described as improved financial and operational results for 2025. Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, issued the warning in a post on X on Tuesday. He was responding to former Vice-President Atiku Abubakar’s position on petrol subsidy.

Onanuga said NNPC’s earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18tn. Earnings per share increased by 32 per cent to N35.9, while operating cash flow grew by 16 per cent to N12.8tn. He also said return on equity improved by 200 basis points to 16 per cent and the company’s declared dividend rose by 35 per cent to N5.8tn.

Onanuga described the figures as evidence of the company’s stronger performance. According to him, crude oil and condensate production averaged 1.77 million barrels per day, which he described as the highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.

He said oil and condensate production totalled 565.8 million barrels, up five per cent, while NNPC’s equity share rose 11 per cent to 223.7 million barrels. Natural gas production reached 2,606.2 billion standard cubic feet, with the company’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet. “Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” Onanuga said.

NNPC’s December 2025 report separately recorded N60.517tn in revenue and N5.76tn in profit after tax, although it said some figures remained provisional and subject to reconciliation.