NNPC Ltd has reported a sharp 79.6% drop in profit after tax, plunging from ₦905bn in June to ₦185bn in July.
Despite the fall, the firm says gas pipeline projects are nearing completion.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp drop in its profit after tax, which fell from N905 billion in June to N185 billion in July a 79.6 per cent decline.
According to its monthly financial and operational report released late Thursday, the company’s total revenue for July stood at N4.41 trillion, compared to N4.57 trillion in June.
The latest figures continue a downward trend from previous months. Profit after tax was N1.05 trillion in May, N926 billion in April, and N905 billion in June before sliding further in July.
The fall came even as crude oil output inched up from 1.68 million barrels per day to 1.7 mbpd, while natural gas production rose slightly to 7.7 billion cubic feet, up from 7.58 bcf in June.
The report noted that statutory remittances from January to June amounted to N7.97 trillion.
Despite the profit decline, the NNPC highlighted progress in infrastructure development. The Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipeline projects have reached 96 per cent and 83 per cent completion, respectively, with upstream pipeline availability maintained at 100 per cent.
To accelerate completion of the AKK project, additional subcontractors have been mobilized, while a revised execution strategy has been adopted to fast-track the OB3 River Niger Crossing. Already, 113 km of the OB3 line has been commissioned, delivering about 300 million standard cubic feet per day (mmscf/d) of gas from producers including AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).
The company said it remains focused on sustaining crude and condensate output, enhancing facility uptime, and strengthening collaboration with stakeholders to improve efficiency.
