NNPC Remits N6.96 Trillion in Five Months, Reports N905 Billion Profit in June Despite Revenue Dip

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a remittance of N6.96 trillion to the Federation Account in the first five months of 2025.

This was revealed in the company’s Monthly Report Summary for June, released on Monday. According to the report, NNPC recorded a Profit After Tax (PAT) of N905 billion for June, marking a decline from the N1.054 trillion posted in May.

Despite the monthly dip in profit, the report highlighted a cumulative statutory remittance of N6.961 trillion to the Federation Account from January to May 2025, up from the N5.583 trillion recorded between January and April of the same year.

The report also noted an encouraging recovery in upstream operations, with daily crude oil and condensate production climbing to 1.68 million barrels per day (bpd) in June—its highest level since January. This is an increase from 1.629 million bpd in May. Natural gas production also rose from 7.352 billion standard cubic feet per day (scf/d) in May to 7.581 billion scf/d in June.

NNPC’s revenue in June stood at N4.571 trillion, a drop from N6.008 trillion in May, reflecting volatility in global oil markets.

Fuel availability improved as well, with petrol supply at NNPC retail outlets rising to 71 percent in June, up from 62 percent in May.

Significant progress was recorded on major gas infrastructure projects. The Ajaokuta–Kaduna–Kano (AKK) pipeline is now 83 percent complete, up from 81 percent, while the OB3 pipeline remains at 96 percent completion. However, upstream pipeline availability saw a slight decline from 98 percent in May to 97 percent in June.

The report also detailed strategic achievements, including the successful River Niger crossing on the AKK pipeline—a major milestone reducing risk to project completion. Technical assessments are ongoing for the OB3 River Niger crossing to replicate AKK’s success.

The Port Harcourt, Warri, and Kaduna refinery rehabilitation projects are still under review.

On the social responsibility front, NNPC conducted a Financial Literacy Programme in June, reaching over 67,000 NYSC members. This brings the total number trained under the initiative to 870,383.

The report emphasized that all figures are provisional and subject to reconciliation with stakeholders. NNPC reaffirmed its continued importance as a major revenue source for the Nigerian government amid economic reform efforts and fiscal challenges.