The Nigerian National Petroleum Company Limited (NNPCL) has reported a sharp fall in its profit after tax, which dropped from N905 billion in June to N185 billion in July 2025 — a decline of 79.6 percent, according to its latest monthly financial report as cited by Punch.
The report showed that NNPCL generated revenue of N4.41 trillion in July, down from N4.57 trillion in June.
This continues a downward trend in profitability, as profit after tax had earlier fallen from N1.05 trillion in May to N905 billion in June, and N926 billion in April.
Despite the drop in earnings, Nigeria’s crude oil output rose slightly to 1.7 million barrels per day in July, up from 1.68 mbpd in June. Natural gas production also increased marginally, reaching 7.7 billion cubic feet compared to 7.58 bcf the previous month.
From January to June 2025, the company remitted N7.97 trillion in statutory payments to government coffers.
Meanwhile, NNPCL highlighted progress in major gas infrastructure projects. The Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the Obiafu-Obrikom-Oben (OB3) gas pipeline reached 96 percent and 83 percent completion respectively.
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The firm also confirmed that a 113-kilometre section of the OB3 pipeline has been commissioned and is currently delivering about 300 million standard cubic feet of gas per day from producers including AHL (250 mmscf/d), Platform, Chorus, and Xenergi.
NNPCL said it remains committed to sustaining crude oil and condensate output, improving production facility uptime, and strengthening collaboration with industry stakeholders.
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It added that additional subcontractors have been deployed to fast-track the completion of the AKK pipeline, while a revised execution strategy is being implemented to expedite the OB3 River Niger Crossing.
