NNPC Declares N905bn Profit for June, Remits N6.96tn in 5 Months

NNPC declares N905bn profit for June, remits N6.96tn in 5 months
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has remitted N6.96 trillion to the Federation Account within the first five months of 2025.

The NNPC Monthly Report Summary for June, released on Monday, revealed that it posted a Profit After Tax (PAT) of N905 billion for June 2025, marking a decline from the N1.054 trillion reported in May.

In spite of the drop in monthly profit, it confirmed a total statutory remittance of N6.961 trillion to the federation account from January to May 2025, up from N5.583 trillion recorded between January and April of the same year.

It indicated a steady rebound in upstream activities, with daily crude oil and condensate production rising to 1.68 million barrels per day (bpd), the highest since January.

It showed that the NNPC’s revenue in June stood at N4.571 trillion, down from N6.008 trillion in May, reflecting fluctuations in the global oil market.

“Crude oil and condensate production increased slightly, rising from 1.629 million bpd in May to 1.68 million bpd in June.

“Natural gas production also rose to 7.581 billion standard cubic feet per day (scf/d) in June, up from 7.352 billion scf/d in May, indicating a steady recovery in output,” the report indicated.

According to the report, fuel availability improved as well, with petrol availability at NNPC retail stations increasing to 71 per cent in June from 62 per cent in May.

It further revealed that the completion of critical gas infrastructure projects showed progress: the Ajaokuta–Kaduna–Kano (AKK) pipeline moved to 83 per cent completion from 81 per cent, while the OB3 pipeline remained at 96 per cent completion.

“Upstream pipeline availability slightly dipped from 98 per cent in May to 97 per cent in June,” it added.

The report also highlighted ongoing strategic and technical efforts, including the successful crossing of the AKK River Niger segment, which has significantly de-risked pipeline completion.

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It disclosed that a technical review of the OB3 River Niger crossing has begun to apply insights gained from AKK’s progress.

The reviews of the Port Harcourt, Warri, and Kaduna refineries remain ongoing.

On its Corporate Social Responsibility activities, it stated that it successfully conducted a Financial Literacy Programme in June for over 67,000 NYSC members across Nigeria, bringing the total trained under the programme to 870,383.

It said all production, sales and financial figures were provisional and subject to reconciliation with relevant stakeholders.

According to the report, this performance highlights NNPC Ltd.’s continued role as a crucial revenue contributor to the Nigerian government amid fiscal pressures and ongoing economic reforms. (NAN)