Despite the Nigerian gloomy economy, The Nigerian National Petroleum Company (NNPC) Limited has announced a staggering revenue of N14.07 trillion from crude oil sales in 2023, marking a monumental 298.7 percent increase compared to the N3.52 trillion earned in 2022. This massive surge in earnings is revealed in the company’s audited financial statements (AFS) for the fiscal year ending December 31, 2023.
The national oil giant had earlier declared a total revenue of N24 trillion for the 2023 fiscal year on August 19, underscoring its critical role in bolstering Nigeria’s economy.
According to the AFS, NNPC’s revenue from petroleum products sales soared to N7.14 trillion in 2023, a significant 58.74 percent jump from the N4.5 trillion recorded the previous year. The company also reported an impressive growth in revenue from natural gas sales, which reached N2.3 trillion—a 237.31 percent increase from the N683 billion generated in 2022.
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In a surprising development, NNPC disclosed that it earned N94 million from power sales in 2023, compared to zero revenue in 2022, highlighting the company’s expanding portfolio.
Additionally, the report shows that revenue from services—covering seismic contracts, gas transmission tariffs, and more—skyrocketed by 362.5 percent, hitting N464.94 billion, up from N100.5 billion in 2022.
The NNPC attributed its crude oil revenue to the lifting of equity interests in various oil assets, alongside sales of crude utilized during the year. The report also detailed the components of petroleum product sales, which include Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automotive Gasoline Oil (AGO), Naphtha, and lubricants.
The NNPC’s record-breaking earnings showcase the company’s growth in the face of global energy challenges. It is yet to be seen how these improved revenue will affect the lives of the common man.
