NNPC Ltd: Petrol Subsidy Could 'Kill' Company, Spokesman Warns
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported significant financial and operational improvements in its 2025 audited results, according to Presidential Spokesman Bayo Onanuga. The company's profit after tax rose by 33% to ₦7.2 trillion, while revenue reached ₦34.5 trillion.
Onanuga highlighted the improvement during a presentation of NNPC Ltd's 2025 audited financial and operational results. He stated that the company's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose by 22% to ₦18 trillion.
The NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, said the results demonstrate the company's ability to deliver growth through disciplined execution. He stated that the company is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
However, Onanuga warned against restoring petrol subsidy, citing it as a potential threat to NNPC Ltd's performance. 'Atiku's subsidy programme will certainly kill this company,' he said, referencing former Vice President Atiku Abubakar's proposal to restore petrol subsidy.