The Nigerian National Petroleum Company Limited (NNPC Ltd) reported a Profit After Tax (PAT) of N905 billion for June 2025, a decline from the N1.054 trillion recorded in May. Despite the month-on-month drop, the state-owned oil giant saw a notable increase in its statutory remittances to the Federation Account, with N6.961 trillion remitted between January and May—up from N5.583 trillion in the first four months of the year.
In its June Monthly Report Summary released Monday night, NNPC disclosed that revenue for the month stood at N4.571 trillion, down from N6.008 trillion in May. Still, the company reported progress in several operational areas. Crude oil and condensate production rose to 1.68 million barrels per day (bpd) in June, from 1.629 million bpd the previous month—a gain of 51,000 bpd. While the increase is modest, it moves Nigeria a step closer to the 2.06 million bpd benchmark assumed in the 2025 budget.
Natural gas output also improved, reaching 7.581 billion standard cubic feet per day (scf/d) in June—up from 7.352 billion scf/d in May and 6.615 billion scf/d in February—highlighting a steady recovery in gas supply, which is vital for both export earnings and domestic electricity generation.
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Fuel supply saw improvement as well, with petrol availability in NNPC stations rising to 71 percent in June from 62 percent in May. The company, which currently handles nearly all the country’s petrol imports, has struggled in recent months to maintain stable distribution amid foreign exchange volatility and refinery delays.
NNPC also reported continued advancement in its gas infrastructure projects. The Ajaokuta-Kaduna-Kano (AKK) pipeline project reached 83 percent completion in June, up from 81 percent in May. Notably, the successful completion of the River Niger crossing segment—a critical and technically complex part of the project—has reduced execution risks for the mainline.
The OB3 pipeline, designed to move gas from the eastern Niger Delta to the west, remains stuck at 96 percent completion, unchanged from May. Still, NNPC says it is applying lessons learned from the AKK crossing to expedite the OB3 River Niger segment and bring the long-delayed project to fruition.
“Ongoing industry-wide collaborations are increasingly improving synergies to achieve production improvement and cost optimization,” the company noted in its June update, while also highlighting that strategic interventions are being implemented to fast-track pipeline delivery.
This development is being interpreted by industry observers as a signal of a gradual but significant shift in the profit and remittance trajectory of the national oil company, following the appointment of Olufemi S. Ojulari as Group CEO. Since assuming office earlier this year, Ojulari has pledged to restructure NNPC’s financial systems and drive more accountable, performance-oriented management across its subsidiaries. The increase in remittances—despite the drop in monthly profit—is seen by some as early evidence of those reforms beginning to take root.
This improved fiscal performance arrives in the shadow of longstanding allegations that NNPC has consistently short-changed the Nigerian government and its citizens. For years, the company has faced scrutiny over opaque accounting practices, under-declared revenues, and accusations of retaining earnings without appropriate remittance to the federal purse. Lawmakers are currently probing the NNPC over N210 trillion missing funds.
On the status of the Port Harcourt, Warri, and Kaduna refineries, NNPC stated that reviews remain in progress but did not give specific timelines for the completion of rehabilitation works. This continues to raise concern, especially after multiple missed deadlines and heavy borrowings committed to the refurbishment of the ageing facilities.
Despite the company’s profit streak and higher remittances under Ojulari, skepticism remains. Many are cautious about celebrating NNPC’s fiscal turnaround without independent audits or external verification of its figures. Previous administrations have been accused of using the company as a black box—routinely bypassing appropriation processes while keeping critical oil receipts off the books.
Still, there is growing pressure on Ojulari to prove that his leadership marks a genuine departure from the past. The June report may be a step in the right direction—but to build lasting credibility, NNPC is expected to consistently show openness, adopt global best practices in disclosure, and be held to account not just for how much it earns, but how much it remits.