The Nigerian National Petroleum Company (NNPC) Limited has recorded a sharp decline in its financial performance for July 2025. The company’s profit after tax fell by 79.6%, dropping to ₦185 billion from ₦905 billion in June.
The decline is attributed to rising costs of sales and adjustments in income tax, which offset steady revenues and stable production levels.
Despite the profit slump, NNPC’s groupwide revenue saw a slight decrease, falling to ₦4.41 trillion in July from ₦4.57 trillion the previous month. Crude oil and condensate production slightly increased to 1.70 million barrels per day from 1.68 million barrels per day in June, while natural gas output rose to 7,722 million standard cubic feet per day from 7,581 million standard cubic feet per day.
NNPC noted that all production, sales, and financial figures are provisional and subject to reconciliation with relevant stakeholders. The company remains a crucial revenue source for Nigeria, with statutory payments to the federation totaling ₦7.97 trillion between January and June.
In response to the financial pressures, NNPC is focusing on infrastructure development, including accelerating key gas pipeline projects. The company continues its social investment initiatives, such as donating compressed natural gas buses and launching environmental campaigns.
The significant drop in profit underscores the challenges NNPC faces amid rising operational costs and tax obligations, highlighting the need for strategic measures to sustain financial stability.
