NNPCL Records ₦185 Billion Profit After Tax In July 2025.
The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of ₦185 billion for July 2025, demonstrating its strong financial performance despite ongoing economic challenges. The state-owned oil giant also revealed it remitted ₦7.9 trillion to the Federation Account Allocation Committee (FAAC) between January and July 2025, reinforcing its critical role in boosting Nigeria’s revenue stream.
In its latest monthly financial report, NNPCL highlighted a significant increase in crude oil and gas production as key drivers of its profitability. The company reported that daily crude oil and condensate production reached 1.69 million barrels per day in July, up slightly from 1.68 million barrels in June. Natural gas output also rose steadily, reaching 7.62 billion standard cubic feet per day, compared to 7.58 billion in the previous month. These production gains reflect NNPCL’s efforts to optimise operations and enhance efficiency in its upstream activities.
The company’s financial success comes amid efforts to manage mounting debts and operational costs. NNPCL’s Group Chief Executive Officer, Bayo Ojulari, credited the profit to strategic cost-saving measures and infrastructure improvements, including the near-completion of key projects like the Obiafu-Obrikom-Oben Gas Pipeline, now at 95% completion, and the Ajaokuta-Kaduna-Kano Natural Gas Pipeline, which has reached 70% completion. These projects are expected to further strengthen Nigeria’s gas sector and support long-term energy security.
NNPCL’s contributions to the FAAC underscore its vital role in funding national development, with the ₦7.9 trillion remitted so far this year supporting government budgets across federal, state, and local levels. The company noted that its financial figures are provisional and exclude data from independent oil and gas operators, which are reported separately by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This strong financial performance has been hailed as a testament to NNPCL’s resilience and strategic reforms under President Bola Ahmed Tinubu’s administration. Industry analysts suggest that sustained production growth and cost optimisation could position Nigeria to attract further investment in its oil and gas sector, aligning with the government’s target of securing ₦30 trillion in fresh investments by 2027.
