Looking at NNPC‘s latest financial report, the numbers tell a stark story.
Nigeria’s national oil company saw its profits collapse from ₦905 billion in June to just ₦185 billion in July – that’s nearly an 80% drop in just one month.
The decline is particularly striking when you consider NNPC‘s strong performance earlier this year.
The company hit a record ₦1.05 trillion in profits back in May, making July’s figure all the more dramatic.
Revenue also took a hit, falling from ₦4.57 trillion to ₦4.41 trillion between June and July.
What makes this downturn puzzling is that it happened despite increased oil and gas production.
Crude oil output actually rose from 1.68 million barrels per day in June to 1.7 million in July.
Natural gas production also climbed slightly, from 7.58 billion cubic feet to 7.7 billion cubic feet.
On the bright side, NNPC continues to be a major contributor to government coffers.
The company paid ₦7.97 trillion in statutory remittances between January and June 2025, underscoring its importance to Nigeria’s finances.
The company is also making solid progress on key infrastructure projects.
The Ajaokuta-Kaduna-Kano gas pipeline is now 96% complete, while the Obiafu-Obrikom-Oben pipeline has reached 83% completion.
A 113-kilometer section of the latter is already operational, moving about 300 million standard cubic feet of gas daily from various producers including AHL, Platform, Chorus, and Xenergi.
To speed things up, NNPC has brought in additional subcontractors for the AKK pipeline and adopted a new strategy to complete the challenging River Niger crossing section of the OB3 project.
