By TheDailyNewsHub News Desk | October 1, 2026
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit after tax of ₦7.2 trillion for the 2025 financial year, representing a 33 per cent increase from the ₦5.4 trillion recorded in 2024, despite a significant decline in revenue.
The company disclosed the performance in its audited financial results released on September 29, 2026, following its Annual General Meeting and a second earnings call with financial and business analysts.
According to the report, NNPC’s revenue dropped by 24 per cent to ₦34.5 trillion, compared with ₦45.1 trillion in the previous financial year.
The company attributed the decline mainly to lower international crude oil prices and reduced sales volumes of refined petroleum products, commonly referred to as white products, following the deregulation of the downstream petroleum market in 2024.
Despite the revenue contraction, NNPC recorded improvements in several other financial indicators. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 22 per cent to ₦18 trillion, while operating cash flow rose by 16 per cent to ₦12.8 trillion.
Earnings per share also increased by 32 per cent to ₦35.9, while return on equity improved by two percentage points to 16 per cent.
The company further announced a dividend of ₦5.8 trillion, representing a 35 per cent increase from the previous year’s dividend.
The latest results indicate that NNPC recorded higher profitability even as its overall revenue declined. However, the company attributed the improved earnings to stronger operational performance and financial discipline across its businesses.
On the operational side, crude oil and condensate production averaged 1.77 million barrels per day in 2025, which NNPC described as its highest average output in five years.
Natural gas production also recorded an increase, averaging 7.2 billion standard cubic feet per day, the company’s highest level in three years.
Total oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while the company’s equity share of production rose by 11 per cent to 223.7 million barrels.
Natural gas production stood at 2,606.2 billion standard cubic feet, up nine per cent, with NNPC’s equity share increasing by 11 per cent to 1,154.9 billion standard cubic feet.
The company also highlighted progress on major infrastructure projects, including the completion of the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the commissioning of the ANOH-OB3 Custody Transfer Metering Station.
It said the ANOH Gas Processing Plant had also advanced to the start-up readiness stage.
Other developments included the acquisition of 500 compressed natural gas-powered trucks and the adoption of a Technical Equity Partnership Model as part of its refinery reform strategy.
NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, said the 2025 performance reflected efforts to improve operational efficiency, strengthen production and build the company’s capacity for sustained growth.
The company also disclosed that it employed 1,023 full-time workers during the year, including more than 1,000 graduates who were deployed after completing a one-year internship and training programme.
Women accounted for 23 per cent of leadership positions within the company, according to the report.
Looking ahead, NNPC said it was targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
It also plans to increase natural gas production to 12 billion standard cubic feet per day by 2030 and mobilise $60 billion in investments across the upstream, midstream and downstream segments of the oil and gas industry.
The company identified the completion of major gas infrastructure projects, including the AKK pipeline, Escravos-Lagos Pipeline System and OB3 pipeline, as part of its longer-term priorities.
The latest audited results also differ from figures contained in an earlier provisional performance report published in February 2026. Reuters reported at the time that NNPC had recorded a provisional profit after tax of ₦5.76 trillion and revenue of ₦60.517 trillion for 2025, with the company noting that the figures were subject to final reconciliation.
The September results now put the audited profit at ₦7.2 trillion and revenue at ₦34.5 trillion. NNPC’s latest announcement does not provide a detailed reconciliation explaining the differences between the earlier provisional figures and the audited results.
NNPC Limited became a fully commercial company under the Petroleum Industry Act 2021, which transformed the former Nigerian National Petroleum Corporation into a limited liability company in July 2022.
Its financial performance remains significant to Nigeria’s energy sector and public finances because of the company’s role in oil and gas production, petroleum supply, infrastructure development and contributions to government revenue.
The 2025 results therefore provide an updated picture of the company’s financial position, with higher reported profits and production alongside lower revenue and continuing investment targets for the coming years.