By Abiola Olawale
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a significant 79.6% decline in its profit after tax, falling from N905 billion in June to N185 billion in July, according to its monthly financial report released on Thursday, yesterday.
The state-owned national oil company also recorded a slight revenue decrease from N4.57 trillion in June to N4.41 trillion in July.
The sharp profit drop, despite a marginal increase in crude oil and condensate production from 1.68 million barrels per day (bpd) to 1.7 million bpd, has sparked varied responses from the public.
Some stakeholders and industry watchers took to social media tOn X, @EmperorTwiTs emphasized the importance of accountability, stating, “Accountability is very important.” However, Chris Udoh, CEO of Nutrend Farms and Feeds, expressed skepticism, calling for “full disclosure of production and sales figures” to verify the report’s accuracy.
The July profit figure continues a downward trend, following N1.05 trillion in May and N926 billion in April.
The report highlighted progress in infrastructure, with the Ajaokuta-Kaduna-Kano (AKK) gas pipeline at 83% completion and the Obiafu-Obrikom-Oben (OB3) gas pipeline at 96%.
A 113-kilometer section of the OB3 pipeline has been commissioned, delivering 300 million standard cubic feet per day (mmscf/d) of gas. NNPC also reported 100% availability of upstream pipelines and ongoing efforts to sustain production and operational efficiency.
The company however explained that the financial figures are provisional and unaudited, covering only its direct operations.
