The Nigerian National Petroleum Company Limited (NNPC Ltd) reduced its total liabilities by N19.58 trillion in 2025, even as its assets declined by N17.61 trillion during the year.
According to the company’s 2025 financial results, total liabilities fell by 37.1 per cent from N52.77 trillion in 2024 to N33.19 trillion in 2025.
Similarly, total assets declined by 10.8 per cent from N162.67 trillion in 2024 to N145.06 trillion.
The decline in assets came as NNPC’s revenue fell by 23.4 per cent from N45.08 trillion in 2024 to N34.52 trillion in 2025.
The company attributed the revenue decline principally to lower crude oil prices and reduced white-product volumes following the deregulation of the petroleum products market in 2024.
Crude oil remained NNPC’s largest revenue source, contributing N25.39 trillion in 2025, compared with N29.21 trillion the previous year.
Revenue from petroleum products, however, fell sharply by 77.6 per cent to N2.17 trillion from N9.68 trillion in 2024.
Natural gas revenue provided some relief, rising by 18.3 per cent to N6.15 trillion during the year.
Despite the decline in revenue, NNPC’s profit after tax rose by 33 per cent to N7.2 trillion from N5.4 trillion in 2024.
The company attributed the improved profit to enhanced operational efficiency and cost discipline.
Operating cash flow also increased by 16 per cent to N12.8 trillion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22 per cent to N18 trillion.
The financial results also showed that NNPC increased spending on its core assets and obligations.
Purchases of oil and gas properties rose to N6.46 trillion in 2025 from N5.62 trillion in 2024, while expenditure on other property, plant and equipment increased to about N3 trillion from N2.6 trillion.
The company also incurred substantial government-related obligations during the year, including group-level royalties of N11.56 trillion, compared with N2.83 trillion in 2024.
