Presidential spokesman, Bayo Onanuga, has warned that former Vice President Atiku Abubakar’s proposal to restore petrol subsidy could undermine the Nigerian National Petroleum Company Limited (NNPC Ltd), which he said is showing stronger financial and operational performance under the current subsidy-free regime….
Presidential spokesman, Bayo Onanuga, has warned that former Vice President Atiku Abubakar’s proposal to restore petrol subsidy could undermine the Nigerian National Petroleum Company Limited (NNPC Ltd), which he said is showing stronger financial and operational performance under the current subsidy-free regime.
Onanuga made the statement on Tuesday while highlighting NNPC Ltd’s 2025 audited financial and operational results released by the national oil company.
NNPC Ltd reported a 33 per cent increase in profit after tax to ₦7.2 trillion in 2025, from ₦5.4 trillion in 2024, while revenue stood at ₦34.5 trillion.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while Earnings Per Share increased by 32 per cent to ₦35.9.
Operating cash flow grew by 16 per cent to ₦12.8 trillion, Return on Equity improved by 200 basis points to 16 per cent, while declared dividend increased by 35 per cent to ₦5.8 trillion.
Onanuga also highlighted NNPC’s production figures, saying crude oil and condensate production averaged 1.77 million barrels per day in 2025, the company’s highest level in five years.
Natural gas production averaged 7.2 billion standard cubic feet per day, a three-year high.
“Oil and condensate production totalled 565.8 million barrels, up five per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels,” Onanuga said.
He added that natural gas production reached 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Ltd’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.
Linking the performance to the debate over petrol subsidy, Onanuga warned against reversing the current policy.
“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” the presidential spokesman said.
“Our country has no business taking 100 steps back. Forward ever!” he added.
NNPC Ltd became a fully commercial, profit-driven company in July 2022 following the implementation of the Petroleum Industry Act.
The company said its 2025 performance reflected stronger earnings and production despite lower crude oil prices and reduced white-product volumes following market deregulation.
NNPC Group Chief Executive Officer, Bashir Bayo Ojulari, said the results provided a stronger platform for further growth.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
“We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
The company is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.
It also plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.
Onanuga’s remarks come amid an ongoing political debate over Atiku’s proposal on petrol subsidy, with the former vice president arguing for government intervention to make petroleum products more affordable.
The Presidency has consistently opposed a return to the previous subsidy regime, arguing that it would place renewed pressure on public finances and undermine the commercialisation of the petroleum sector.
The latest NNPC figures have consequently become a central reference point in the debate over whether Nigeria should maintain the current subsidy-free model or reintroduce government support for petrol prices.
