The Nigerian National Petroleum Company Limited (NNPC Ltd) said Tuesday in Abuja that its profit after tax rose by 33 per cent to N7.2tn in 2025 from N5.4tn recorded in 2024.

The development, according to the national oil company, came despite lower crude oil prices and reduced product volumes following the removal of petrol subsidy.

Speaking in at a media parley where the 2025 Audited Financial Statement, Group Chief Executive Officer, Bayo Ojulari said the company also reported revenue of N34.5tn, while taxes, royalties and other remittances to government increased by 39 per cent to N22.3tn.

Speaking after the company’s annual general meeting and earnings call, Ojulari attributed the increase in profit to improved operational efficiency and tighter cost discipline.

The company said crude oil and condensate production reached a five-year high of 1.77 million barrels per day at its peak in 2025.

NNPC also reported that Nigerian gas supply reached a three-year high of 7.2 billion standard cubic feet per day.

On the refineries, NNPC said prospective partners had conducted three months of intrusive on-site due diligence as part of efforts to establish a sustainable and profitable operating model.

The company said the exercise had provided greater clarity on the way forward, although it did not disclose the prospective partners, the estimated investment required or a firm timeline for concluding the process.