The Nigerian National Petroleum Company (NNPC) Limited has released its 2024 audited financial statement, showing a profit after tax of N5.4 trillion for the year ended December 2024.
According to the report published on Monday, the profit represents a 64 percent increase from the N3.3 trillion recorded in 2023. NNPC also reported total revenue of N45.1 trillion in 2024, up from N23.99 trillion the previous year.
The company said energy security expenses, also referred to as petrol subsidy, amounted to N7.1 trillion in 2024. This was higher than the N4.8 trillion recorded in 2023. The expense, NNPC explained, arises from the difference between the exchange rate used in determining the petrol ex-coastal price and the actual exchange rate at the time import payments are made.
The report said the amount is owed to the NNPC group and is recovered through monthly remittances due to the federation as provided in the Petroleum Industry Act of 2021.
NNPC said the government instructed it not to sell Premium Motor Spirit above a regulated price. The company said the actual cost of importation is usually higher, creating what it described as under recovery. The balance is used to reduce cost of sales or recorded as a receivable from the federation.
According to the company, crude oil sales generated N29.2 trillion in 2024, compared to N14.07 trillion in 2023. Petroleum product sales contributed N9.68 trillion, higher than the N7.14 trillion recorded in 2023.
Revenue from natural gas rose to N5.19 trillion in 2024 from N2.3 trillion in 2023. Services such as marine operations, engineering work and gas transmission brought in N980.45 billion. Power revenue increased from N94 million in the previous year to N9.41 billion in 2024.
NNPC said it generated revenue across 16 countries. Nigeria remained the largest contributor with N34.41 trillion. Switzerland followed with N2.11 trillion from crude sales and N25.53 billion from natural gas. Spain, the United Arab Emirates, France, Singapore, the British Virgin Islands, Germany and the United Kingdom also contributed significant earnings.
The report said 22 subsidiaries and one joint venture partner owed NNPC a combined N30.29 trillion in 2024. Port Harcourt Refining Company owed N4.22 trillion, Kaduna Refining and Petrochemical Company owed N2.39 trillion while Nigeria Gas Infrastructure Company owed N847.9 billion.
Other subsidiaries with outstanding balances included Warri Refining and Petrochemical Company, NNPC Shipping and Logistics, NNPC Engineering and Technical Company and NNPC Gas Marketing Company. Gwagwalada Power Limited and Maiduguri Emergency Power Plant also had pending balances.
NNPC said it also owed six subsidiaries a combined N20.51 trillion as at December 31, 2024. The companies include NNPC E and P Limited, NGIC, NNPC Retail, NNPC HMO, NNPC Trading and Antan Producing.
The report added that NNPC disbursed N185.54 billion in loans to related parties in 2024 and borrowed N152.75 billion in the same year. The company said outstanding balances were interest free and unsecured.
NNPC said the transactions were conducted on terms similar to arm’s length agreements and that all receivables were expected to be recovered.
 Limited has released its 2024 audited financial statement, showing a profit after tax of N5.4 trillion for the year ended December 2024.){kind=link}