Atiku's Subsidy Plan Threatens NNPC's Financial Gains

Bayo Onanuga, the presidential spokesman, cautioned that Atiku Abubakar's proposal to reinstate fuel subsidies, if elected as the African Democratic Congress (ADC) presidential candidate, could jeopardize the Nigerian National Petroleum Company Limited (NNPC Ltd). Onanuga made this statement on Tuesday while discussing NNPC Ltd's 2025 financial results, which showed a 33% increase in profit after tax to ₦7.2 trillion, up from ₦5.4 trillion in 2024.

The company's revenue reached ₦34.5 trillion, with an EBITDA rise of 22% to ₦18 trillion. NNPC Ltd's crude oil and condensate production averaged 1.77 million barrels per day, the highest in five years, while natural gas production also hit a three-year high.

Onanuga linked these positive results to the current subsidy-free policy and warned that reversing this policy could severely impact NNPC Ltd's performance, stating, “Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco.”.