NNPC Revenue Hits ₦4.66 Trillion Despite Drop in Crude, Gas Production

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a cumulative revenue of ₦4.655 trillion as of August 2025, marking an increase from ₦4.406 trillion recorded in July despite noticeable declines in crude oil and natural gas production caused by scheduled maintenance.

The figures were contained in the company’s latest monthly operational and financial report, released on Friday, highlighting continued growth in profit and statutory contributions to government coffers.

According to the report, profit after tax surged to ₦539 billion in August, up sharply from ₦185 billion in July. Statutory remittances to the federal government also rose significantly moving from ₦7.96 trillion in H1 2025 to ₦8.86 trillion by the end of July.

While revenue and profit showed impressive growth, operational output dipped:

• Crude oil and condensate production fell to an average of 1.65 million barrels per day in August, down from 1.7 million bpd in July.
• Natural gas output declined to 6,949 million standard cubic feet per day, compared to 7,722 million scf/d in the previous month.

The volume of crude oil and condensate sales also dropped from 25.49 million barrels in July to 22.37 million barrels in August, while gas sales decreased from 4,978 million scf/d to 4,201 million scf/d.

NNPC attributed the lower output to turnaround maintenance on several upstream facilities, aligned with Nigeria LNG’s scheduled maintenance operations.

Despite production declines, NNPC’s infrastructure push continues:

• The Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline project moved from 83% completion in July to 84% in August.
• The Obiafu–Obrikom–Oben (OB3) pipeline remains operational, delivering around 300 million scf/d of gas. This includes:
  • 250 million scf/d from AHL
  • 50 million scf/d combined from Platform Petroleum, Chorus, and Xenergi

In the downstream segment, NNPC Retail’s wetness level, a measure of product availability at retail stations improved from 70% in July to 76% in August, indicating progress in fuel distribution and stock management.

NNPC also expanded its social impact initiatives during the month:

• A total of 60,231 National Youth Service Corps (NYSC) members received training in financial literacy in August alone.
• This brought the cumulative number of trained corps members to 930,614, as part of a national financial inclusion programme.
• The company also co-sponsored the Code4Privacy Hackathon, in partnership with the Nigeria Data Protection Commission, drawing 141 young Nigerian tech talents.

Meanwhile, the report offered no update on the state of the country’s refineries, which NNPC previously stated were undergoing a strategic review.

Key Figures at a Glance (August 2025)