NNPC Profit Slumps 79.6% to ₦185bn in July

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp drop in profit after tax, sliding from ₦905 billion in June to ₦185 billion in July — a decline of nearly 80 percent.

The company’s July operational report, released on Thursday, showed revenue of ₦4.41 trillion, down slightly from ₦4.57 trillion in June.

NNPC’s profitability has been under pressure in recent months. The firm posted ₦905 billion in June, lower than ₦1.05 trillion in May and ₦926 billion in April.

Interestingly, the July slump came despite a modest rise in crude oil output, which increased from 1.68 million barrels per day in June to 1.7 million barrels per day in July. Natural gas production also ticked up to 7.7 billion cubic feet from 7.58 bcf in the previous month.

Statutory remittances from January to June were put at ₦7.97 trillion.

Meanwhile, NNPC highlighted progress on major infrastructure projects, with the Ajaokuta-Kaduna-Kano (AKK) gas pipeline now 96 percent complete and the Obiafu-Obrikom-Oben (OB3) pipeline at 83 percent completion. The OB3 River Niger Crossing is being fast-tracked under a revised execution strategy, while a 113 km stretch of the pipeline has already been commissioned, currently transporting 300 million standard cubic feet of gas daily.

The company reaffirmed its focus on sustaining crude oil and condensate output, enhancing production facility uptime, and deepening collaborations with stakeholders to strengthen operational efficiency.