A renewed commitment to transparency, the Nigerian National Petroleum Company Limited (NNPC) has released its detailed operational report for April 2025. This development marks a significant milestone for the state-owned oil giant under the leadership of Bayo Ojulari, who was appointed by President Bola Tinubu on April 2, 2025.
For the first time in years, the NNPC has publicly disclosed comprehensive data on its revenue, operations, and strategic initiatives. The report reveals that the company generated a total revenue of N5.89 trillion in April, alongside a Profit After Tax (PAT) of N748 billion. Additionally, petrol availability across nationwide retail stations was reported at 54%.
Historically, the NNPC has been perceived as an opaque entity, with limited transparency around critical areas such as revenue reporting, crude oil sales, subsidy payments, and contract awards. Critics have long pointed out inconsistencies, delayed audits, and restricted public access to vital financial information. Despite recent reforms—including its transition to NNPC Limited under the Petroleum Industry Act—they say public trust remains cautious due to years of mismanagement and lack of accountability.
However, the fresh leadership’s proactive disclosure approach is viewed as a promising step in rebuilding trust and aligning with the ambitious goals set by President Tinubu. These include attracting $60 billion in investments by 2030, increasing oil production to 2 million barrels per day (bpd) by 2027, and hitting 3 million bpd by 2030—target figures that underscore the importance of transparency and strategic planning.
The report also details the company’s statutory payments, which amounted to N4.225 trillion in Q1 2025, contributing significantly to the federal government’s revenue. In addition, NNPC announced plans for substantial investments this year, with four major projects expected to reach Final Investment Decision (FID) before the end of 2025. These projects include:
- Ntokon Development Project (OML 102)
- Crude Oil Production Expansion (OML 29)
- Gas Development Projects (OMLs 30 and 42)
- Brass Fertiliser Project
These initiatives form part of broader efforts to boost production efficiency, increase revenue, and diversify Nigeria’s energy portfolio. Notably, the Brass Fertiliser Project aims to meet rising domestic fertilizer demand, reduce import reliance, and support agricultural productivity.
Operational Highlights from April:
- Crude oil and condensate production averaged 1.61 million bpd, slightly down from 1.67 million bpd in January.
- Natural gas production increased to 7,354 million standard cubic feet per day (mmscfd), up from 7,120 mmscfd in February.
- Infrastructure projects advanced, with the Oben-Obiafu-Obrikom (OB3) gas pipeline now at 95% completion, and the Ajaokuta-Kaduna-Kano (AKK) pipeline at 70%, especially addressing challenges at River Niger crossings.
- Upstream pipeline reliability improved significantly, with a 97% operational rate.
- Refinery assessments are underway at Port Harcourt, Warri, and Kaduna, with critical Turnaround Maintenance (TAM) activities completed for several key upstream assets.
Beyond operations, NNPC has also intensified its social impact programs through the NNPC Foundation, contributing to community development and youth empowerment. In April, 531 NYSC members received solar power starter packs, while hundreds of ICT trainees and creative industry talents received business starter kits. Healthcare initiatives included cataract surgeries benefiting over 2,000 individuals and the rehabilitation of hospital wards at the National Orthopaedic Hospital in Igbobi.
A New Chapter
While the figures presented are provisional and exclude data from independent operators, the transparency and detail of this report signify a new chapter for Nigeria’s oil sector. It demonstrates a willingness by NNPC’s leadership to foster accountability and bolster Nigeria’s oil and gas industry as the backbone of the economy.
As the company embarks on these ambitious projects and reforms, all eyes will be on how it sustains this transparency and whether it can deliver on its strategic development goals. The coming months will be crucial in shaping Nigeria’s energy future.
