NNPC Ltd Remits N6.96 Trillion to Federation Account in Five Months, Posts N905 Billion Profit in June

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disclosed that it remitted a total of N6.96 trillion to the Federation Account between January and May 2025, reinforcing its position as a key contributor to national revenue amidst ongoing economic reforms.

This was contained in the company’s Monthly Report Summary for June 2025, released on Monday. The report revealed that NNPC Ltd. recorded a Profit After Tax (PAT) of N905 billion for June, representing a slight decline from the N1.054 trillion posted in May.

Despite the month-on-month drop in profits, the company confirmed it had made a cumulative statutory remittance of N6.961 trillion to the Federation Account within the first five months of the year. This marks a notable increase from the N5.583 trillion remitted from January to April, suggesting an upward revenue trajectory.

The report attributed part of this improvement to a rebound in upstream operations. Daily crude oil and condensate production rose to 1.68 million barrels per day (bpd) in June, the highest recorded since January.

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

Natural gas production also showed signs of recovery, rising to 7.581 billion standard cubic feet per day (scf/d) in June from 7.352 billion scf/d in May.

“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,”
it added.

Total revenue for June stood at N4.571 trillion, reflecting a decline from the N6.008 trillion generated in May, which the report attributed to fluctuations in global oil prices and market conditions.

In the downstream sector, the report noted an improvement in the availability of petrol at NNPC Retail outlets.

“Petrol availability at NNPC retail stations increased to 71 per cent in June from 62 per cent in May,”
indicating improved supply chain efficiency.

Progress was also reported on critical national gas infrastructure. The Ajaokuta–Kaduna–Kano (AKK) pipeline advanced to 83 per cent completion, up from 81 per cent in May, 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,”
the report added.

The AKK project reached a key milestone during the month with the successful engineering crossing of the River Niger.

“The successful crossing of the AKK River Niger segment has significantly de-risked pipeline completion,”
the company stated, adding that a technical review of the OB3 River Niger crossing has commenced to incorporate lessons learned from AKK’s progress.

Meanwhile, reviews of the Port Harcourt, Warri, and Kaduna refineries are still ongoing as part of NNPC’s broader efforts to restore domestic refining capacity and reduce dependence on fuel imports.

As part of its Corporate Social Responsibility (CSR) efforts, the company said it reached over 67,000 National Youth Service Corps (NYSC) members in June through its Financial Literacy Programme, bringing the total number of beneficiaries since inception to 870,383.

The company emphasized that

“All production, sales and financial figures were provisional and subject to reconciliation with relevant stakeholders.”

This latest performance underscores NNPC Ltd.’s pivotal role in Nigeria’s economy, particularly at a time when the government is grappling with fiscal pressures, currency instability, and subsidy reforms aimed at stabilizing public finances.

Since its transition into a limited liability company in July 2022 under the Petroleum Industry Act (PIA), NNPC Ltd. has increasingly operated on a more commercial footing, publishing audited financial statements and adopting more transparent reporting practices. The company’s transformation has been critical in bolstering investor confidence and improving the management of Nigeria’s oil and gas resources.

As the country continues to navigate global oil market volatility and implement domestic energy reforms, NNPC Ltd.’s monthly disclosures offer key insights into the performance of Nigeria’s most strategic national asset.