The Nigerian National Petroleum Company Limited recorded a 33 percent increase in profit after tax, to N7.2tn in 2025, despite a decline in revenue amid falling crude oil prices and reduced product volumes.
The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed this on Tuesday in Abuja during a media interaction to present the company’s 2025 audited financial results, achievements, and strategic vision.
Ojulari said the company’s profit after tax rose from N5.4tn in 2024 to N7.2tn in 2025, representing an increase of N1.8tn. Revenue stood at N34.5tn, while earnings per share reached N35.9. Taxes, royalties, and other remittances to the government increased by 39 percent to N22.3tn.
He said, “We have released the NNPC Limited 2025 audited financial results. I want to explain what they mean. What drove them, and where do we go from here? The central result is clear. Profit after tax rose 33 percent, from N5.4tn in 2024 to N7.2tn in 2025. Revenue was N34.5tn. While taxes, royalties, and other remittances to government rose 39 percent to N22.3tn.”
Explaining the results, Ojulari said the company’s improved profitability came despite revenue pressures from lower international crude oil prices and reduced product volumes following changes in the domestic petroleum market.
“Revenue declined as crude oil prices fell for those, as you recall, in 2025. But we also had some decline that resulted from a wide product volume reduction. Following the market regulation, as you know, with the removal of subsidy,” he said.
He added that operational improvements and financial discipline helped the national oil company increase its profit despite the challenging conditions.
“Yet, profit grew because we improved the way we operate. And we maintained discipline across our businesses,” Ojulari stated.
The results showed that the company’s profit growth outpaced the increase in government remittances, which rose by 39 per cent, while its operational performance also improved.
On production, Ojulari said crude oil and condensate output peaked at 1.77 million barrels per day, the highest level in five years. Nigerian gas supply also reached a three-year high of 7.2 billion standard cubic feet per day.
“These gains reflect sustained attention to our assets and infrastructure and our focus on delivering visible results,” he said.
According to the GCEO, the improved financial and operational performance would strengthen NNPC’s capacity to invest in its businesses, contribute to government revenue, and support Nigeria’s energy security.
He, however, warned that the company must sustain the gains and improve its performance in subsequent years.
“The numbers matter because of what they enable. Stronger performance gives NNPC Limited more capacity to invest, more capacity to contribute to public revenue, and stronger Nigeria’s energy security. It also gives us higher standards to meet,” Ojulari said.
