ABUJA — The Nigerian National Petroleum Company Limited (NNPCL) has reported a sharp decline in both revenue and profit for July 2025, despite a slight rise in crude oil production.
According to its monthly performance report released Thursday on its official X handle, NNPCL’s revenue dropped to N4.406 trillion in July, down from N4.571 trillion in June. Profit after tax (PAT) also fell steeply by over 79 percent, tumbling from N900 billion in June to just N185 billion in July.
The oil firm, however, disclosed that total remittances to the Federation Account between January and July 2025 rose to N7.965 trillion, compared to N6.961 trillion recorded in the first five months of the year.
In terms of production, Nigeria’s crude oil and condensate output in July stood at 1.70 million barrels per day (mbpd), slightly higher than the 1.68 mbpd achieved in June. The company also reported that premium motor spirit (PMS) availability in its outlets stood at 70 percent during the month.
The performance review is part of a new accountability framework introduced by NNPCL’s Group Chief Executive Officer, Bayo Ojulari, who instituted monthly reporting following his appointment in April 2025.
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