NNPC Reports Sharp Decline in Profit After Tax Amid Rising Expenses

The Nigerian National Petroleum Corporation (NNPC) has reported a significant decline in Profit After Tax (PAT) from N6.11 billion in June to N2.12 billion in July 2025. This drop is attributed to increased expenses, including changes in cost of sales and income tax adjustments.

Despite this, the corporation maintained solid output and consistent revenue. Crude oil and condensate production slightly increased to 1.88 million barrels per day in July, while gas production rose to 8.07 million standard cubic feet per day.

NNPC also announced the development of two key gas pipelines and the introduction of a new execution plan for the OB3 line and AKK Gas Pipeline. The corporation's social investment arm, NNPC Foundation, is actively contributing to projects such as seedling programs and the Presidential Initiative for Compressed Natural Gas (CNG).

Despite the profit decline, NNPC remains committed to operational improvements and is facing challenges with tax liabilities and growing expenses. Former Group Chief.