Nigeria’s state oil giant, Nigerian National Petroleum Company Limited, has delivered a record financial performance, posting ₦5.76tn profit after tax and ₦60.517tn revenue for the 2025 financial year.
The figures, released in the December monthly report summary, position NNPCL as Nigeria’s single most important revenue driver in 2025. Between January and December alone, the company remitted ₦14.706tn to the Federation.
However, while NNPCL posts ₦5.76tn profit for the year, crude oil production declined towards year-end highlighting the delicate balance between earnings strength and operational realities.
Profit Rises Despite Early-Year Losses
The company began 2025 with a ₦161bn loss in January and recorded another ₦7bn loss in March. Profitability returned in April and strengthened sharply in May, when earnings peaked at ₦1.054tn. June followed with ₦904bn.
Although profits moderated in the second half, the company remained firmly in positive territory. It posted ₦180bn in July, ₦539bn in August and ₦216bn in September. The final quarter delivered ₦447bn in October, ₦502bn in November and ₦351bn in December.
Revenue movements mirrored this volatility. After rising from ₦3.824tn in January to ₦6.624tn in February, revenue stayed above ₦5tn through mid-year before softening in the third quarter. December revenue stood at ₦4.824tn.
These fluctuations reflect crude price dynamics, trading margins and domestic operational shifts. Nevertheless, NNPCL posts ₦5.76tn profit for the full year — underscoring financial resilience.
Crude Output Falls To 1.54mbpd In December
Despite strong earnings, production weakened at the close of the year. Crude oil and condensate output averaged 1.54 million barrels per day (mbpd) in December, down from the 2025 peak of 1.77 mbpd recorded earlier. Production eased gradually in the fourth quarter, slipping from 1.58 mbpd in October to 1.60 mbpd in November before falling further in December.
NNPCL attributed the decline to planned maintenance at key offshore assets and unplanned outages at production facilities.
Gas output also fluctuated. Production peaked at 7,722 million standard cubic feet per day in July, dropped to 6,284 mmscfd in September and recovered to 6,914 mmscfd in December. Gas sales stood at 4,754 mmscfd in December.
Importantly, upstream pipeline availability improved from 86 per cent in January to 100 per cent between October and December signalling stronger infrastructure stability.
Retail Recovery And Gas Projects Strengthen Outlook
NNPCL’s downstream operations showed gradual recovery in 2025. Retail station availability for Premium Motor Spirit improved from 30 per cent in January to 77 per cent in September. Although availability fell temporarily in October, it rebounded to 65 per cent by December.
Major gas infrastructure projects also advanced significantly. The Ajaokuta-Kaduna-Kano pipeline reached 91 per cent completion, while the Obiafu-Obrikom-Oben pipeline progressed to 96 per cent.
These projects are expected to strengthen domestic gas supply, improve industrial feedstock delivery and enhance long-term energy security.
NNPCL posts ₦5.76tn profit in 2025 at a time when Nigeria urgently needs stable fiscal inflows. With ₦60.5tn in revenue and ₦14.706tn remitted to the Federation, the company remains the backbone of public finance.
However, declining crude output at year-end signals that sustaining future profits will depend heavily on production growth and operational efficiency.
Financial strength has been demonstrated. Production stability is now the priority.