NNPC Reports Profit Growth Despite Revenue Decline in 2025

NNPC, the national oil company of Nigeria, released its 2025 annual report, indicating an 18.3% increase in pre-tax profit to N11.31 trillion, up from N9.56 trillion in 2024. Profit after tax rose 32.7% to N7.18 trillion from N5.41 trillion.

However, revenue fell by 23.4% to N34.52 trillion, down from N45.08 trillion, resulting in a loss of approximately N10.56 trillion in sales. The decline was primarily due to significant drops in revenue from petroleum products, which fell to N2.17 trillion from N9.68 trillion, and crude oil revenue, which decreased to N25.39 trillion from N29.21 trillion.

Despite the revenue decline, NNPC's profit increased due to higher other income, reduced administrative expenses, which fell to N2.88 trillion from N3.58 trillion, and a recovery of previously assumed losses that improved profit by over N1 trillion. NNPC ended the year with less cash, as it used generated funds to settle obligations and invest in future operations.