The Nigerian National Petroleum Company Limited (NNPC) recorded a revenue of N20.9 trillion between April and July 2025. This financial upsurge has prompted calls from petroleum marketers for an expedited rehabilitation of the nation’s refineries in Port Harcourt, Warri, and Kaduna.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the national oil company on Monday to prioritise the refineries’ revival with a firm stance against corruption.

NNPC also disclosed that it remitted N7.97 trillion to the Federation Account between January and June 2025. These figures were contained in the company’s monthly reports for April through July, an initiative introduced by its new Group Chief Executive Officer (GCEO), Bayo Ojulari.

In April, the company posted a revenue of N5.9tn, with N4.23tn already remitted in the first quarter. May revenue rose to N6.01tn, while remittances from January to April reached N5.58tn—indicating a remittance of N1.35tn in April alone. June revenue dipped to N4.57tn, although remittances increased slightly to N1.38tn, bringing the total for the first five months to N6.96tn. By July, revenue dropped again to N4.41tn, and remittances rose to N7.97tn cumulatively—showing that N1.01tn was paid in June.

However, the company’s profit after tax dropped significantly—from N905bn in June to N185bn in July, reflecting a 79.6% decline. Previous monthly profits included N1.05tn in May and N748bn in April. Despite this dip, oil production saw a marginal increase from 1.68 million barrels per day to 1.7mbpd. Overall, the company posted a combined profit after tax of N2.89tn from April to July 2025.

NNPC is yet to publish its 2024 full-year financial statement. Under former GCEO Mele Kyari, the company released its 2023 audited report in August 2024, recording a net profit of N3.3tn—up from N2.55tn in 2022, marking a 28% increase. The company reported its first-ever profit of N287bn in 2020, after cutting losses from N803bn in 2018 to N1.7bn in 2019. In 2021 and 2022, profits rose to N674.1bn and N2.55tn, respectively.

The 2023 profit was the highest in NNPC’s 47-year history. With a profit of N2.89tn already recorded between April and July 2025, industry observers suggest that the 2025 financial year may surpass previous years.

Meanwhile, the Federation Account Allocation Committee (FAAC) revealed in June that NNPC owed the Federal Government N6.57tn as of May 2025. Of this amount, N3.89tn represents unpaid royalties to the Nigerian Upstream Petroleum Regulatory Commission, and N2.52tn comprises outstanding tax liabilities owed to the Federal Inland Revenue Service. The debts, unpaid between June 2023 and April 2025, also include N162.33bn in unremitted dividends.

On the state of refineries, IPMAN expressed concern over the refusal to privatise government-owned refineries. Speaking on the matter, IPMAN’s Publicity Secretary, Chinedu Ukadike, stressed that the revitalisation of Port Harcourt, Warri, and Kaduna refineries was critical to ensuring adequate fuel supply.

According to Ukadike, Area 5 of the Port Harcourt refinery is reportedly ready for operation, pending minor logistical fixes. He added that independent marketers believe the facilities have reached about 90–95% completion, suggesting that the government should commence operations before considering technical partners for management roles.

He warned against privatisation, cautioning that placing refineries in private hands could lead to exploitation. Ukadike advocated for government management with transparency and accountability, noting that the new NNPC leadership should enforce zero tolerance for corruption to restore efficiency.

Amid scrutiny over its financial operations, NNPC’s remittances continue to draw concern from both local and international stakeholders. Earlier this year, the World Bank reported that despite the removal of the petrol subsidy in October 2024, NNPC only began transferring revenue gains to the Federation in January 2025—and even then, only 50% of the gains were remitted. The remaining portion was reportedly used to settle arrears.

The World Bank added that, while gross revenues by Nigeria’s main revenue agencies rose from N16.5tn in 2023 to N29.5tn in 2024, NNPC’s remittances fell from N1.1tn in 2023 to N0.6tn in 2024. The delayed remittance was largely attributed to NNPC offsetting debts incurred during the subsidy era, despite subsidy removal being fully implemented by Q4 2024.