Nigeria’s National Petroleum Company Reports Decline in Revenue and Profit
Nigeria’s state-owned oil firm, the Nigerian National Petroleum Company Limited (NNPCL), has announced a decline in its revenue and profit after tax for the month of July 2025. According to the company’s monthly report released on its X account, revenue dropped to N4.406 trillion, while profit after tax declined to N185 billion.
The decline in revenue represents a decrease from the N4.571 trillion recorded in June, while the profit after tax declined significantly from N900 billion in June to N185 billion in July. Despite this decline, the company has remitted N7.965 trillion to the Federation Account from January to July 2025, up from N6.961 trillion for the same period in January to May.
In a positive development, the country’s crude oil and condensate production surged to 1.70 million barrels per day, up from 1.68 million barrels per day. Additionally, premium motor spirit availability in NNPCL outlets stood at 70 percent in July.
The report is part of the company’s monthly performance reviews, which were initiated by Bayo Ojulari, the leader of NNPCL, upon his appointment in April this year. The reviews aim to provide transparency and accountability in the company’s operations.
The decline in revenue and profit after tax may be attributed to various factors, including fluctuations in global oil prices and production levels. However, the company’s increased remittances to the Federation Account and growth in crude oil production are positive indicators of its performance.
Overall, the report provides a mixed picture of NNPCL’s performance in July 2025. While the decline in revenue and profit after tax is a concern, the company’s efforts to increase transparency and accountability, as well as its growth in crude oil production, are positive developments.
