The Nigerian National Petroleum Company Limited (NNPC Ltd.) announced on Friday that it generated a total of N20.9 trillion between April and July 2025, even as petroleum marketers urged the state oil firm to channel its record earnings into rehabilitating Nigeria’s ailing refineries.
The company, in its monthly financial and operational reports, disclosed that it also remitted N7.97 trillion into the Federation Account as statutory payments between January and June.
According to the reports, NNPC posted N5.9tn in April, N6.01tn in May, N4.57tn in June, and N4.41tn in July, bringing its four-month revenue to N20.9tn. However, its profit after tax took a sharp hit in July, dropping by 79.6% from N905bn in June to N185bn, despite a slight increase in oil production from 1.68 million barrels per day to 1.7mbpd.
The decline in July earnings follows earlier fluctuations: N748bn profit after tax in April, N1.05tn in May, and N905bn in June, making a cumulative N2.89tn profit after tax across the four months.
Reacting to the reports, the Independent Petroleum Marketers Association of Nigeria (IPMAN) commended NNPC’s transparency under the leadership of its new Group Chief Executive Officer, Bayo Ojulari, but stressed that Nigerians expect more.
“With trillions being generated, there is no justification for our refineries to remain idle,” an IPMAN executive said on Monday. “We call on NNPC to fast-track the revamp of Port Harcourt, Warri, and Kaduna refineries, but this must be done with zero tolerance for corruption. Nigerians deserve to see the direct impact of these revenues.”
Since assuming office about five months ago, Ojulari has initiated the release of monthly reports, a practice aimed at improving accountability and public trust. Industry analysts say this move has given the public greater visibility into the company’s financial operations than ever before.
But concerns remain over profitability. Energy economist Chijioke Nnanna told reporters that the sharp July decline should serve as a warning. “The revenue figures are massive, but profitability is volatile. That gap highlights inefficiencies that need to be addressed, particularly in cost management and refining capacity,” he explained.
Ojulari, in previous remarks, has said that his team is focused on sustainable refinery rehabilitation through the Incorporated Joint Venture model, not quick fixes. “The President does not pressure us to do the wrong thing. We want solutions that last,” he stated.
As the state oil giant pushes ahead with reforms, stakeholders say Nigerians will be watching closely to see whether its trillions in revenue translate into cheaper fuel, stable supply, and jobs across the energy value chain.
