Presidency Warns Against Petrol Subsidy Impact on NNPC

The Presidency, through Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, cautioned against any move to reinstate the petrol subsidy in Nigeria, asserting that such a policy could threaten the viability of the Nigerian National Petroleum Company Limited (NNPC). Onanuga shared that NNPC's financial performance in 2025 showed a 22% increase in earnings before interest, taxes, depreciation, and amortization, totaling N18 trillion, with earnings per share rising by 32% to N35.9.

He noted that the company's operating cash flow grew by 16% to N12.8 trillion and that the return on equity improved by 200 basis points to 16%. Additionally, NNPC declared a dividend increase of 35% to N5.8 trillion.

Crude oil and condensate production averaged 1.77 million barrels per day, the highest in five years, while natural gas output reached a three-year high of 7.2 billion standard cubic feet per day. Onanuga criticized Atiku Abubakar's subsidy program, claiming it would harm NNPC, which he compared to Saudi Aramco.