The Nigerian National Petroleum Company Limited (NNPCL) recorded a ₦7.2 trillion profit after tax in 2025, representing a 33% increase from the ₦5.4 trillion recorded in 2024, despite a 24% decline in revenue to ₦34.5 trillion.
NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, announced the audited financial results on Tuesday, September 29, 2026, in Abuja during a media presentation following the company’s Annual General Meeting and earnings call.
Key Highlights
- NNPCL profit after tax rose 33% to ₦7.2 trillion in 2025 from ₦5.4 trillion in 2024.
- NNPCL revenue declined by about 24% to ₦34.5 trillion, compared with ₦45.1 trillion in 2024.
- Taxes, royalties and other remittances to the Federal Government increased 39% to ₦22.3 trillion.
- EBITDA rose 22% to ₦18 trillion, while operating cash flow increased 16% to ₦12.8 trillion.
- Earnings per share increased 32% to ₦35.90, while declared dividend rose 35% to ₦5.8 trillion.
- Crude oil and condensate production averaged 1.77 million barrels per day, the highest in five years.
- Natural gas production averaged 7.2 billion standard cubic feet per day, a three-year high.
- NNPCL is targeting 2 million barrels per day by 2027, subject to investment and operational conditions.
NNPCL Profit After Tax Rises to ₦7.2 Trillion
Ojulari said the company’s profit after tax increased by 33%, from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025.
He attributed the performance to improved operational efficiency and cost discipline across NNPCL’s businesses despite challenging market conditions.
“Profit after tax rose 33%, from ₦5.4tn in 2024 to ₦7.2tn in 2025. Revenue was ₦34.5tn. While taxes, royalties and other remittances to government rose 39% to ₦22.3tn,” Ojulari said.
The results indicate that NNPCL’s stronger bottom-line performance came despite a significant decline in its total revenue.
NNPCL Revenue Falls 24% to ₦34.5 Trillion
NNPCL’s revenue fell from ₦45.1 trillion in 2024 to ₦34.5 trillion in 2025, representing a decline of approximately ₦10.6 trillion.
The company attributed the decline primarily to lower international crude oil prices during the year.
NNPCL also cited reduced volumes of white products following petrol price deregulation in October 2024. The development ended the company’s previous bulk-breaking role in the domestic petroleum market.
Despite the lower revenue, the company recorded improvements in several key profitability and cash-generation indicators.
EBITDA, Cash Flow and Dividend Increase
NNPCL’s earnings before interest, taxes, depreciation and amortisation rose 22% to ₦18 trillion.
Operating cash flow also increased by 16% to ₦12.8 trillion, while earnings per share climbed 32% to ₦35.90.
Return on equity improved by 200 basis points to 16%.
The company also declared a dividend of ₦5.8 trillion, representing a 35% increase compared with the previous year.
Cost Discipline Supports NNPCL Profit Growth
Ojulari said the increase in profit was driven primarily by operational efficiency and cost discipline rather than increased revenue.
The company reported reductions in general and administrative expenses, with some accounts recording declines of about 25%.
Recovery of long-standing receivables also contributed to the improved financial performance.
The figures suggest that NNPCL’s ability to control costs and improve cash generation played a significant role in offsetting the impact of lower revenue.
NNPCL Oil Production Hits Five-Year High
Production performance also strengthened during the 2025 financial year.
Crude oil and condensate production averaged 1.77 million barrels per day, representing the company’s highest average production level in five years.
Total oil and condensate production reached 565.8 million barrels, an increase of 5%, while NNPCL’s equity share rose 11% to 223.7 million barrels.
Natural gas production also increased by 9%, with the company’s equity share rising by 11%.
Average natural gas output reached 7.2 billion standard cubic feet per day, described as a three-year high.
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NNPCL Advances Major Energy Projects
The company linked the production gains to continued attention to asset integrity, infrastructure investment and improved execution across its operations.
Progress was also recorded on major infrastructure projects, including the completion of work on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline mainline.
NNPCL said continued investment in infrastructure and production assets would remain important to achieving its future output targets.
NNPCL Remittances to Government Rise 39%
NNPCL’s taxes, royalties and other remittances to the Federal Government increased by 39% to ₦22.3 trillion.
The higher remittances underline the company’s continued contribution to government revenue despite the decline in total revenue during the year.
Ojulari described the financial results as evidence of NNPCL’s ability to create value for Nigeria while positioning the company for further growth.
NNPCL Targets 2 Million Barrels Per Day by 2027
NNPCL is targeting crude oil production of 2 million barrels per day by 2027, with higher production levels envisaged towards 2030.
The company said achieving the targets would depend on continued investment, operational performance and prevailing conditions across the oil and gas industry.
The 2025 audited results therefore come against a backdrop of softer global crude oil prices and major changes in Nigeria’s domestic petroleum market following petrol subsidy removal and deregulation.
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