The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp fall in its profit after tax, which dropped from N905 billion in June to N185 billion in July — a 79.6% decline.
According to the company’s monthly financial report released on Thursday, total revenue stood at N4.41 trillion in July, compared to N4.57 trillion recorded in the previous month.
The July profit marks the steepest monthly drop this year. In June, NNPC posted N905 billion in profit after tax, down from N1.05 trillion in May and N926 billion in April.
The decline came despite marginal increases in crude oil and gas output. Crude oil production rose from 1.68 million barrels per day in June to 1.7 mbpd in July, while natural gas output inched up to 7.7 billion cubic feet from 7.58 bcf.
Between January and June, the company said it remitted N7.97 trillion in statutory payments.
The report also highlighted progress in infrastructure projects. The Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipelines reached 96% and 83% completion, respectively. Upstream pipeline availability was sustained at 100%.
To accelerate delivery, NNPC said it deployed additional subcontractors on the AKK project and revised execution strategies for the OB3 River Niger Crossing. The commissioned 113 km portion of the OB3 pipeline is already transporting about 300 million standard cubic feet per day (mmscf/d) of gas from producers including AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).
The company noted that it remains focused on sustaining crude and condensate output, improving facility uptime, and strengthening collaboration with stakeholders to drive operational efficiency.
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