NNPCL Records ₦6.008 Trillion Revenue In May, Boosted By Rising Crude Oil Output.
The Nigerian National Petroleum Company Limited (NNPCL) has reported a robust revenue of ₦6.008 trillion for May 2025, marking a marginal increase from the ₦5.972 trillion recorded in April. This financial upswing, announced in the company’s latest monthly report, is attributed to a steady rise in crude oil and condensate production, reflecting Nigeria’s ongoing efforts to bolster its position as Africa’s leading oil producer.
According to the NNPCL’s Monthly Report Summary, the company achieved a profit after tax of ₦1.054 trillion in May, a notable 14% rise from the ₦926 billion posted in April. This growth was underpinned by a modest increase in crude oil and condensate production, which reached an average of 1.63 million barrels per day (mbpd) in May, up from 1.61 mbpd the previous month. The report highlighted a peak production of 1.72 mbpd during the month, with crude oil output remaining stable at 1.35 mbpd and condensate production rising slightly from 0.26 mbpd to 0.28 mbpd. Additionally, natural gas production held steady at 7.352 billion standard cubic feet per day, though gas sales dipped marginally to 4.185 billion mmscfd from 4.240 billion mmscfd in April.
The NNPCL’s performance underscores its critical role in Nigeria’s economy, which relies heavily on oil and gas for approximately 90% of its foreign exchange earnings and 40% of government revenue. The company, fully state-owned and transformed into a limited liability entity in July 2022 under the Petroleum Industry Act, also reported strong sales, with 24.77 million barrels of crude oil and condensate sold in May—the highest monthly volume since February. This achievement aligns with the NNPCL’s strategic initiatives, including its fight against crude oil theft, with 53 illegal pipeline connections and 36 illegal refineries uncovered in the Niger Delta in a single week.
Significant progress was also noted in key infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline is now 96% complete, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has reached 81% completion, following a successful crossing of the River Niger. These developments are expected to enhance Nigeria’s gas supply and support its ambition to become a major player in the global liquefied natural gas market. The NNPCL further highlighted its social impact initiatives, with the NNPC Foundation empowering 531 NYSC members with solar power starter packs and restoring vision for 2,005 individuals through cataract surgeries in the South-East and South-South regions.
Group Chief Executive Officer Bayo Ojulari, who assumed his role following the inauguration of a new board by President Bola Ahmed Tinubu on 22 May 2025, praised the company’s commitment to transparency and accountability. The NNPCL’s efforts, building on the Transparency, Accountability, and Performance Excellence (TAPE) agenda championed by former GCEO Mele Kyari, have been lauded for fostering informed investment decisions and earning the company recognition as the “Government Agency of the Year 2020 (Transparency)” by the New Telegraph.
As Nigeria navigates challenges such as oil theft and the global energy transition, the NNPCL’s May performance signals resilience and strategic focus. With plans for final investment decisions on projects like the Ntokon Development Project and the Brass Fertilizer project in Q4 2025, the company is poised to sustain its upward trajectory, delivering economic value and hope for a sustainable energy future.
