NNPC Reports ₦7.2 Trillion Profit Amid Revenue Decline

The NNPC's 2025 annual financial report indicates a net profit increase of approximately 33% to ₦7.2 trillion, despite a significant revenue decline of 23%, falling from ₦45.1 trillion in 2024 to ₦34.5 trillion in 2025. The report, audited by PwC, claims to provide a true and fair view of the corporation's performance.

However, the profit growth appears misleading as it is not driven by increased sales or gross profits, but rather by a ₦5 trillion rise in other income and a ₦1 trillion reduction in general and administrative expenses. The NNPC's balance sheet shows a current ratio of about 0.85, indicating short-term liabilities exceed short-term assets.

The corporation's cash balance decreased from ₦10.3 trillion in 2024 to ₦6.4 trillion in 2025, despite an increase in cash generated from operations to ₦12.9 trillion. The report also notes an average crude and condensate production of 1.77 million barrels per day, marking a five-year high.