The Nigerian National Petroleum Company Limited (NNPCL) reported a dramatic 79.6% decline in profit after tax, plummeting from N905 billion in June 2025 to N185 billion in July 2025, according to its monthly financial report released on August 21, 2025, via its official X account. The state-owned oil firm also saw its revenue drop from N4.571 trillion in June to N4.406 trillion in July, a 3.61% decrease. Despite the financial downturn, NNPCL remitted N7.965 trillion to the Federation Account from January to June 2025, up from N6.961 trillion for January to May, reflecting its critical role in national revenue generation.
The sharp profit decline coincides with a marginal dip in crude oil production, which fell to 1.40 million barrels per day (bpd) in July from 1.42 million bpd in June, though condensate production rose slightly to 0.29 million bpd, lifting total output to 1.70 million bpd, per the NNPCL report. Gas production, however, increased to 7.722 billion standard cubic feet per day (bscf/d) from 7.581 bscf/d, with sales climbing to 4.978 bscf/d. The exact cause of the profit drop remains unclear, but NNPCL highlighted ongoing reforms, including progress on the Ajaokuta-Kaduna-Kano and Obiafu-Obrikom-Oben gas pipelines, as part of efforts to enhance efficiency, as noted by Group CEO Bashir Bayo Ojulari at the PENGASSAN Summit 2025.
Follow us on all social media platforms @dailyquery for news and analyses around the globe.
