The Nigerian National Petroleum Company Limited, NNPC, recorded a record N7.2 trillion profit after tax in 2025, despite a drop in revenue.

The company’s profit rose by 33 per cent from N5.4 trillion in 2024, while revenue fell to N34.5 trillion amid lower crude oil prices and reduced petroleum product sales.

NNPC attributed the improved performance to tighter cost control, debt recovery, increased efficiency and stronger financial discipline.

Taxes, royalties and other payments to the Federal Government also rose by 39 per cent to N22.3 trillion during the year.

The company says it recovered significant debts owed to it, while general and administrative expenses fell by about a quarter.

NNPC also plans to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.

The company says it will seek more than 60 billion dollars in investment across the energy value chain to achieve its production targets and strengthen its refineries and gas infrastructure.