The Nigerian National Petroleum Company Limited (NNPC) witnessed a surge in revenue generation between April and July 2025, amassing a total of N20.9 trillion. This impressive financial performance prompted calls from petroleum marketers, specifically the Independent Petroleum Marketers Association of Nigeria (IPMAN), for the NNPC to expedite the rehabilitation of the nation’s refineries in Port Harcourt, Warri, and Kaduna. The marketers stressed the importance of transparency and a zero-tolerance approach to corruption in the refinery revamp process, emphasizing the potential for these facilities to significantly boost domestic fuel supply and stabilize prices. Concurrently, NNPC reported substantial remittances to the federation account, totaling N7.97 trillion between January and June 2025, further highlighting the company’s significant financial contribution to the nation’s coffers.
A detailed breakdown of NNPC’s monthly performance reveals fluctuating revenue figures. In April, the company generated N5.9 trillion, followed by a slight increase to N6.01 trillion in May. However, revenue dipped to N4.57 trillion in June before recovering slightly to N4.41 trillion in July. These fluctuations also reflected in the statutory payments remitted to the federation account, with N1.35 trillion remitted in April, N1.38 trillion in May, N1.01 trillion in June, and an unspecified amount in July. Despite the revenue fluctuations, the overall trend indicated a significant inflow of funds into the NNPC during this period. The company’s newly appointed Group Chief Executive Officer, Bayo Ojulari, initiated the practice of releasing monthly reports, providing greater transparency into the NNPC’s financial and operational activities.
While revenue figures painted a positive picture, NNPC’s profit after tax experienced a significant decline in July, plummeting by 79.6% to N185 billion from N905 billion in June. This drop followed a previous decline from N1.05 trillion in May to N905 billion in June, and N748 billion in April. Despite a marginal increase in oil production from 1.68 million barrels per day to 1.7 million barrels per day in July, the substantial profit reduction raised concerns. Nevertheless, the cumulative profit after tax for the four-month period (April to July) reached N2.89 trillion, suggesting a potentially strong financial performance for the year. This figure fueled anticipation for the release of the company’s 2024 financial report, which is yet to be published.
In contrast to the yet-to-be-released 2024 report, the 2023 financial statement, released in August 2024 under the previous GCEO, Mele Kyari, showcased a robust net profit of N3.3 trillion. This represented a substantial increase of over N700 billion (28%) compared to the 2022 profit of N2.55 trillion. The 2023 profit was hailed as the highest in the company’s 47-year history, marking a remarkable turnaround from previous years. The company’s financial trajectory showed a steady progression from a loss of N803 billion in 2018 to a reduced loss of N1.7 billion in 2019. This was followed by the first-ever profit of N287 billion in 2020, which subsequently increased to N674.1 billion in 2021 and N2.55 trillion in 2022. The impressive 2023 results and the substantial profits recorded between May and July 2025 sparked optimism for even higher returns in 2025.
However, despite the positive financial performance, concerns lingered regarding NNPC’s outstanding debts to the Federal Government. The Federation Account Allocation Committee (FAAC) revealed in June 2025 that NNPC owed N6.57 trillion as of May 2025. A significant portion of this debt, approximately N3.89 trillion, represented unpaid royalties due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Furthermore, the NNPC had outstanding tax liabilities of N2.52 trillion payable to the Federal Inland Revenue Service (FIRS). These outstanding remittances, comprising royalties, taxes, and dividends unpaid between June 2023 and April 2025, totaled N3.89 trillion to NUPRC, N2.53 trillion to FIRS, and N162.33 billion in unremitted dividends. These outstanding debts underscored the need for greater financial accountability and timely remittance of dues by the NNPC.
The call for refinery revitalization by IPMAN gained momentum amidst the NNPC’s robust financial performance. IPMAN’s Publicity Secretary, Chinedu Ukadike, emphasized the strategic importance of the refineries in ensuring domestic fuel sufficiency and price stability. He urged the NNPC GCEO to prioritize the revamp of the Port Harcourt, Warri, and Kaduna refineries, expressing confidence in the potential of these facilities to significantly contribute to the nation’s fuel supply. Ukadike highlighted the near-completion status of the Port Harcourt refinery, specifically Area 5, and advocated for government operation of the refineries before considering private sector involvement. He emphasized the need for prudent management and zero tolerance for corruption to maximize the benefits of these critical national assets. Ukadike’s call resonated with concerns about potential exploitation by private operators and underscored the importance of prioritizing national interests in the management of the refineries. The NNPC’s remittances have come under scrutiny by organizations like the World Bank, which reported that the NNPC only remitted about half of the revenue gains from the removal of petrol subsidies due to debt arrears. This raises transparency and accountability concerns despite the significant revenue figures.
