NNPC Sees Revenue Drop of N10.6trn in 2025

NNPC Limited's revenue dropped by 23.4 percent to N34.52 trillion in 2025. This is down from N45.08 trillion in 2024, according to the company's 2025 financial report.

The N10.56 trillion drop mainly came from a big fall in money made from petroleum products. Revenue from these products fell by 77.6 percent, from N9.68 trillion in 2024 to N2.17 trillion in 2025.

This information was shared in the company’s 2025 audited report published last Wednesday. The report breaks down NNPC’s earnings by product and geographical market, showing that crude oil is still the biggest source of income for the company, even though its earnings also fell.

As per the report, NNPC's earnings from crude oil went down by 13.1 percent, dropping from N29.21 trillion in 2024 to N25.39 trillion in 2025.

The fall in earnings from crude oil and petroleum products outweighed the rise in income from natural gas and power during the year. Revenue from natural gas increased by 18.3 percent, from N5.20 trillion in 2024 to N6.15 trillion in 2025. Power revenue also rose by 25.4 percent, from N9.42 billion to N11.81 billion.

The report also noted a drop in service revenue, which fell from N980.46 billion in 2024 to N792.33 billion in 2025. This is about a 19.2 percent decline.

The report highlighted that Nigeria was the main source of NNPC’s revenue in 2025. The income from Nigeria was N23.84 trillion, making up about 69 percent of the total revenue.

Other important markets included the United Arab Emirates, which contributed around N2.81 trillion; Douglas, Isle of Man, with about N2.26 trillion; Switzerland, with N1.95 trillion; and the British Virgin Islands, with around N711.3 billion.

The geographical breakdown also shows that NNPC earned revenue from several international markets, including Singapore, Spain, Germany, Mauritius, the United Kingdom, the Bahamas, the United States, Ghana, Vietnam, and Togo.

Despite the overall drop in revenue, NNPC Limited's revenue as a separate company stayed fairly stable. The revenue fell slightly by 1.7 percent, from N19.66 trillion in 2024 to N19.32 trillion in 2025.

This difference between the group and company figures shows how much NNPC’s subsidiaries and other group entities contribute to the overall results.

The report indicates that crude oil is still the main source of NNPC’s earnings, making up about 74 percent of the total revenue in 2025. Natural gas contributed another 17.8 percent, while petroleum products accounted for about 6.3 percent.

These figures show how much NNPC's earnings are tied to changes in the crude oil market and highlight the growing role of natural gas in the company’s income.

In January, NNPC launched its Gas Master Plan (GMP) 2026. This plan aims to boost industrial growth and improve the country's energy security.

The company also announced a plan to supply 20 million Liquefied Petroleum Gas (LPG) cylinders by 2030, along with the NNPC LPG and cylinder supply expansion initiative.

The Gas Master Plan 2026 builds on the Nigerian Gas Master Plan from 2008. This strategic plan is meant to maximize the economic benefits from Nigeria's rich gas resources.

A key part of the GMP 2026 is its alignment with the Nigerian Decade of Gas Programme. It is expected to provide a clear framework for developing the gas sector, implementing projects, and creating value over the next ten years.