Crude oil generated 74% of NNPC’s ₦34.5 trillion revenue in 2025

Crude oil generated about 74% of the Nigerian National Petroleum Company Limited’s (NNPC Ltd.) ₦34.52 trillion revenue in 2025, reinforcing its position as the state-owned energy company’s largest source of operating revenue despite a decline in crude sales during the year.

NNPC disclosed the figures in its 2025 Annual Financial Report, which was authorised and audited in September 2026. The Group generated ₦25.39 trillion from crude oil sales, equivalent to about 73.6% of total revenue, although overall revenue declined by 23.4% from ₦45.08 trillion recorded in 2024. Despite the revenue decline, NNPC recorded a Profit After Tax of ₦7.18 trillion in 2025, up from ₦5.41 trillion in the previous year.

Revenue from crude oil declined by about 13.1% year-on-year, falling from ₦29.21 trillion in 2024 to ₦25.39 trillion in 2025. The decline amounted to about ₦3.82 trillion, although crude oil remained NNPC’s largest source of revenue. Kanyi Daily reports that natural gas emerged as the strongest-growing major revenue stream during the year, increasing by 18.3% to ₦6.15 trillion from ₦5.20 trillion, an increase of about ₦953 billion that made gas NNPC’s second-largest revenue source after crude oil.

Petroleum products recorded the steepest decline among the Group’s major revenue streams, falling by 77.6% to ₦2.17 trillion from ₦9.68 trillion in 2024, a reduction of about ₦7.51 trillion. Revenue from services declined by 19.2% to ₦792.33 billion from ₦980.46 billion, covering activities including seismic contracts, gas transmission tariffs, medical services, shipping, marine and engineering services. Power revenue increased by 25.4% to ₦11.81 billion from ₦9.42 billion, although it remained a relatively small component of total Group revenue.

Operationally, NNPC recorded crude oil and condensate production of 565.8 million barrels in 2025, averaging about 1.77 million barrels per day, which the company described as its highest average daily crude production in five years, while natural gas production stood at 2,606.2 billion cubic feet.

Beyond revenue from crude oil, petroleum products, natural gas, power and services, NNPC recorded ₦8.42 trillion in other income in 2025, more than double the ₦3.39 trillion recorded in the previous year. The increase was largely driven by sundry income, which jumped by 181% to ₦7.10 trillion from ₦2.53 trillion in 2024 and accounted for about 84% of the Group’s total other income. NNPC said sundry income comprises earnings from activities outside the Group’s principal operations, including income from Trans-Forcados pipelines, crude processing fees and miscellaneous income from joint venture operators. The category also included a write-back of provisions relating to the Amenam-Kpono stock overlift claim.

Variation in crude stock contributed ₦678.67 billion to other income, up from ₦276.16 billion in 2024, while management fees increased to ₦468.64 billion from ₦242.41 billion. The sharp rise in other income provided substantial support to NNPC’s financial performance, helping the company increase Profit After Tax to ₦7.18 trillion despite the 23.4% decline in Group revenue.

NNPC Limited is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030 as it seeks to expand production across its upstream operations. The company is also targeting natural gas production of 12 billion standard cubic feet per day by 2030 alongside a wider investment programme covering Nigeria’s oil and gas value chain. NNPC plans to mobilise about $60 billion in upstream, midstream and downstream investments by 2030, including completing major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano gas pipeline, the Escravos-Lagos Pipeline System and the Obiafu-Obrikom-Oben pipeline.