The Centre for Reforms and Good Governance (CRGG) has expressed enthusiasm over the Nigerian National Petroleum Company Limited's (NNPCL) financial performance. NNPCL reported a ₦2.28 trillion profit after tax and ₦7.9 trillion in remittances to the Federation Account. CRGG's Executive Director, Maxwell Onazi, attributed this success to reforms implemented under NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari.
Ojulari's tenure, which began on April 2, 2025, has been marked by significant commercialisation and professionalisation of the national oil company. According to CRGG, NNPCL recorded ₦19.04 trillion in revenue and ₦2.28 trillion in profit after tax between January and June 2026. The company's statutory remittances to the Federation Account reached ₦6.286 trillion during this period.
The remittances subsequently rose to ₦7.913 trillion by the end of July, including a single-month payment of ₦1.627 trillion in July. CRGG described these figures as a reflection of improved financial performance, transparency, and commercial discipline at NNPCL. Onazi praised Ojulari's leadership, saying it has transformed NNPCL from a historically loss-making entity into a profitable, investor-ready national asset.
CRGG linked NNPCL's financial performance to increased upstream production, with national crude oil output remaining above 1.7 million barrels per day for much of 2026. The output reached about 1.73 million barrels per day at its peak. NNPC Exploration and Production Limited recorded output of about 365,000 barrels per day, while gas production reached 7,841 million standard cubic feet per day in June 2026.
The Centre also highlighted progress on infrastructure projects, including the Ajaokuta-Kaduna-Kano gas pipeline, which has reached 94 per cent completion. The Obiafu-Obrikom-Oben pipeline is about 98 per cent complete. Major upstream projects, including Bonga Southwest-Aparo, have progressed, with contract reviews and optimisation measures generating $3.4 billion in savings.
CRGG believes these developments could have wider implications for government revenue, energy security, industrial development, and investor confidence. The Centre stated that consistent, transparent remittances and rising production under Ojulari's leadership have increased trust in President Bola Ahmed Tinubu's administration.
CRGG urged stakeholders to sustain support for NNPCL's transformation, ensuring the reported gains are consolidated and expanded to deliver greater value to the Nigerian economy. The Centre's praise for NNPCL's financial performance and reforms suggests a positive outlook for the country's energy sector.
Key points
- NNPCL reports ₦2.28tn profit and ₦7.9tn remittances to the Federation Account.
- The Centre for Reforms and Good Governance attributes the success to reforms under NNPCL Group Chief Executive Officer, Bashir Bayo Ojulari.
- The reported developments could have wider implications for government revenue, energy security, industrial development, and investor confidence.
