NNPC Declares N1 Trillion Profit in May as Revenue Hits N6 Trillion, Projects Advance Nationwide

• The Nigerian National Petroleum Company Limited (NNPC) has released its May financial records, scoring massive revenue and profit
• The company’s financial record, which is the second since Bayo Ojulari became CEO, showed a modest increase in its earnings and profit
• The May report shows other notable achievements by the state firm, including pipeline repairs and petrol availability

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian National Petroleum Company Limited (NNPC) has released the data on its May 2025 operations, announcing N6 trillion revenue and a N1.054 trillion post-tax profit in the review period.

The state oil company also revealed that in May, the critical Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded a significant milestone, moving from 70% to 81% completion after crossing the River Niger.

NNPC breaks its own record

This is the second monthly report under the new NNPC management led by Bayo Ojulari since he was appointed in April 2025, which shows a renewed plan to open the organisation up to public scrutiny.

The April data shows that the NNPC made a revenue of N5.89 trillion, profit after tax of N748 billion and statutory payments to the Nigerian government for the first quarter of 2025 of about N4.225 trillion.

On Monday, June 30, 2025, the state oil firm disclosed that petrol availability at its retail outlets nationwide rose from 54% in April to 62% in May, while upstream pipeline availability was at 98%, up from 97%.

Similarly, in May, NNPC’s statutory payments to the Nigerian government in the first four months of this year rose to N5.58 trillion.

NNPC increases crude oil production

Regarding hydrocarbons, crude oil and condensate output for May stood at 1.62 million barrels daily, while natural gas production was about 7,352 mmscf per day, and the OB3 pipeline now has a 96% completion rate.

ThisDay reports that the NNPC said there is an ongoing collaboration with venture partners to ramp up production enhancement, as Nigeria has a production target of 2.06 million barrels per day in its 2025 budget.

The company added that it progressed technical interventions on the AKK project to resolve challenges of River Niger crossing (RNC) and conducting detailed study on OB3 RNC to know the best project execution path forward.

The NNPC also disclosed that it completed in May the Turn Around Maintenance at the Trans Escravos Pipeline (TEP), OML 40-Opuama flow station, Obidgbo and Ahoada flow stations.

More social intervention schemes

The national oil firm also cited other social intervention schemes it carried out during the period.

It listed the handover of 531 NYSC Corp members’ starter kits on May 25, 2025.

It also conducted eye surgeries for indigent recipients across the southern and northern parts of Nigeria, while it plans to provide Magnetic Resonance Imaging (MRI) machines to some selected hospitals nationwide.

A prior report by Legit.ng disclosed that NNPC increased petrol prices twice in two days to N915 and N925 in Lagos and N945 in Abuja.

The move followed a price adjustment by the Dangote Refinery in June due to the rise in crude oil prices.

NNPC Releases New PMS Price List Nationwide

Legit.ng earlier reported that oil marketers have raised the depot prices of PMS following rising demand and crude oil price spikes caused by the Middle East tension.

As of Monday, June 23, 2025, Brent crude sold at $77.88 per barrel and WTI at $74.67, with depot owners nationwide already adjusting prices upwards.

However, new data shows that crude oil prices slumped on Tuesday, June 24, 2025, as the US announced a ceasefire between Iran and Israel.

Source: Legit.ng