The Centre for Reforms and Good Governance (CRGG) has expressed excitement over the reported financial performance of the Nigerian National Petroleum Company Limited (NNPCL), particularly its ₦2.28 trillion profit after tax and ₦7.9 trillion remittances to the Federation Account.

The Centre, in a statement by its Executive Director, Maxwell Onazi, attributed the reported performance to reforms being implemented under NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari, saying they were also helping to strengthen public confidence in President Bola Ahmed Tinubu’s administration.

Onazi described Ojulari’s tenure, which began with his appointment on April 2, 2025, as a significant period in the commercialisation and professionalisation of the national oil company.

According to the Centre, NNPCL recorded ₦19.04 trillion in revenue and ₦2.28 trillion in profit after tax between January and June 2026, while statutory remittances to the Federation Account reached ₦6.286 trillion during the six-month period.

It said the remittances subsequently rose to ₦7.913 trillion by the end of July, including a single-month payment of ₦1.627 trillion in July.

The Centre said the figures reflected what it described as improved financial performance, transparency and commercial discipline at the national oil company.

“Engr. Bayo Ojulari has shown that with disciplined leadership, commercial focus and commitment to transparency, NNPCL can be transformed from a historically loss-making entity into a profitable, investor-ready national asset,” Onazi said.

CRGG also linked the reported financial performance to increased upstream production, saying national crude oil output remained above 1.7 million barrels per day for much of 2026 and reached about 1.73 million barrels per day at its peak.

It added that NNPC Exploration and Production Limited recorded output of about 365,000 barrels per day, while gas production reached 7,841 million standard cubic feet per day in June 2026.

On infrastructure, the Centre said the Ajaokuta-Kaduna-Kano gas pipeline had reached 94 per cent completion, while the Obiafu-Obrikom-Oben pipeline was about 98 per cent complete.

It also said major upstream projects, including Bonga Southwest-Aparo, had progressed, while contract reviews and optimisation measures reportedly generated $3.4 billion in savings.

“These are not isolated successes. Higher production, stronger gas output, near-completion of critical pipelines and multi-billion-dollar cost savings form a coherent picture of a national oil company that is finally being run with commercial rigour,” Onazi said.

The Centre said the reported developments could have wider implications for government revenue, energy security, industrial development and investor confidence.

“When citizens see consistent, transparent remittances and rising production under a leadership appointed by this administration, their trust in the broader reform agenda of President Tinubu naturally increases,” Onazi said.

CRGG urged stakeholders to sustain support for the ongoing transformation at NNPCL, saying the reported gains should be consolidated and expanded to ensure that the national oil company continues to deliver greater value to the Nigerian economy.