The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N7.2 trillion in 2025, representing a 33 per cent increase from the N5.4 trillion recorded in the previous year.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed the figures on Tuesday in Abuja while presenting the company's audited financial results for 2025.
Despite the increase in profit, the company recorded a decline in revenue during the year, which stood at N34.5 trillion. Ojulari attributed the revenue pressure to lower international crude oil prices and reduced product volumes following changes in the domestic petroleum market.
He said government receipts from NNPC, comprising taxes, royalties and other remittances, increased by 39 per cent to N22.3 trillion in 2025.
“We have released the NNPC Limited 2025 audited financial results. I want to explain what they mean, what drove them and where we go from here. The central result is clear. Profit after tax rose 33 per cent, from N5.4tn in 2024 to N7.2tn in 2025,” Ojulari said.
“Revenue was N34.5tn. While taxes, royalties and other remittances to government rose 39 per cent to N22.3tn.”
According to him, the company's profitability improved despite the decline in revenue because of operational improvements and tighter financial discipline.
“Yet, profit grew because we improved the way we operate. And we maintained discipline across our businesses,” he said.
Ojulari also disclosed that crude oil and condensate production peaked at 1.77 million barrels per day during the year, the highest level recorded by the company in five years.
He said the country's gas supply also reached 7.2 billion standard cubic feet per day, representing a three-year high.
“These gains reflect sustained attention to our assets, infrastructure and our focus on delivering visible results,” the GCEO said.
He explained that stronger financial and operational performance would enable NNPC to increase investments, contribute more to government revenue and support Nigeria's energy security.
“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 strengthen Nigeria’s energy security. It also gives us higher standards to meet,” he said.
Ojulari, however, said the improved results had raised the performance benchmark for the company and would require greater capacity to sustain the growth.
“As we deliver exceptional results, the following year we strive to even beat those records,” he said.
He added that strong performance also came with increased expectations.
“So having a good performance is not just easy. It means that the bar has been set one level higher. So we now need to focus on building the capacity to deliver,” he said.
The company reported earnings per share of N35.90 for the year.
While the figures showed stronger profitability and higher government remittances, NNPC did not provide a detailed breakdown of the individual business segments responsible for the increase in profit during the presentation.
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