Victor EzejaThe Nigerian National Petroleum Company (NNPC) Limited reported a 23.9 per cent decline in oil revenue in June 2025, dropping to ₦4.57 trillion from ₦6 trillion in May.
This marked the lowest revenue in three months.
Join our WhatsApp ChannelThe drop was attributed to volatile global crude prices in recent times, driven by geopolitical tensions, fluctuating Asian demand, and uncertainty around OPEC+ production cuts.
According to the NNPC’s June 2025 report released on Monday, the Profit after tax was ₦905 billion, a 14 per cent decline from ₦1.05 trillion recorded in the month of May this year.
Production Metrics
On crude oil and gas production, the report indicated that Crude oil and condensate output rose slightly to 1.68 million barrels per day (bpd) from 1.63 million bpd recorded in May. Crude alone was at 1.42 million bpd. Condensate production dropped to 0.26 million bpd from 0.28 million bpd in the previous month.
The national oil company reported that gas production increased to 7.581 billion standard cubic feet per day in June from 7.352 billion in May. The report showed a continued trend in growth of gas production this year. After recording 7,120 billion in January, it dropped to 6,615 million in February, rose slightly to 6,928 million in March, and increased further to 7,354 million in April.
Sales and Downstream Performance
On crude oil and condensate sales, the report revealed that it declined to 21.68 million barrels in June from 24.77 million in May.
NNPC has so far recorded the highest crude oil sales this year in February when it peaked at 25.31 million barrels and with condensate around 2.01 million barrels in the same month.
For gas, the report showed fluctuation in volumes of sales between January and April this year. After recording sales of 4.223bn scf/d in January, it dropped to 3.545bn scf/d in February, rose to 4.240 bn scf/d in March, dropped again to 4.185 scf/d in April. It rose again to 4,698 in May and further increased 4.742bn scf/d in June.
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There was an improvement in fuel availability at NNPC retail stations from 62 per cent in May to 71 per cent in June. This shows there are still lingering distribution challenges.
The increase was attributed to improved supply coordination and industry-wide collaboration to ensure distribution stability.
The improvement in gas production and supply was also attributed to progress in critical pipeline infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, which reached 83 per cent completion with the River Niger crossing segment completed, “which significantly derisked the completion of the mainline,” NNPC stated, adding that “additional intervention is being put in place to ensure earliest completion.”
Also, the OB3 Gas Pipeline is at 96 per cent completion, with technical reviews underway to expedite finishing.
On the status of the state-owned refineries located in Warri, Port Harcourt and Kaduna, NNPC said review is in progress.
Remittances to Federation Account
NNPC reported that it remitted N6.96 trillion from January to May 2025, up from N5.583 trillion recorded in the first four months of the year.
The revenue drop reflects broader challenges in global oil markets, including price instability and Nigeria’s reliance on crude exports. Despite higher production volumes, lower prices and reduced sales volumes impacted earnings. NNPC emphasized efforts to optimize costs and improve synergies across operations.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
