NNPC Surprises Nation With Massive ₦6.96 Trillion Remittance – Where Is The Money Going?

The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it remitted a substantial ₦6.96 trillion in statutory payments to the Federal Government between January and June 2025

These statutory remittances, which are legally mandated payments to government authorities, were detailed in the company’s latest document titled ‘NNPC Limited Monthly Report Summary — June 2025’.

The report also revealed that NNPC recorded a profit after tax (PAT) of ₦905 billion in June, reflecting a 13.81 percent drop from the ₦1.05 trillion posted in May.

In the same period, the national oil giant’s revenue was reported at ₦4.57 trillion, representing a 23.83 percent decline from the ₦6 trillion generated in the previous month.

ACCORDING TO IREPORTER ONLINE, crude oil and condensate production averaged 1.68 million barrels per day (bpd) in June, while natural gas output stood at 7.58 million standard cubic feet daily.

The company also disclosed that petrol availability at its retail outlets nationwide was at 71 percent, and upstream pipeline reliability reached 97 percent in the same month.

ACCORDING TO IREPORTER ONLINE, the NNPC emphasized that all figures in the report are provisional and subject to verification with relevant stakeholders.

On ongoing infrastructure efforts, the firm highlighted the successful completion of the AKK River Niger Crossing, a key milestone in derisking the completion of the main pipeline project.

A similar technical review has commenced for the OB3 River Niger crossing, aimed at replicating the AKK project’s success. Additionally, the review and rehabilitation efforts for the Port Harcourt, Kaduna, and Warri refineries are said to be advancing steadily.

However, the company’s Group Chief Executive Officer (GCEO), Bayo Ojulari, recently admitted that revamping Nigeria’s state-owned refineries is proving to be “a bit more complicated” than initially anticipated.

”IREPORTER REPORTS”