- NNPC achieved ₦5.4 trillion Profit After Tax while spending ₦7.1 trillion on energy security in 2024, demonstrating strong operational performance and resilience.
- The company plans to increase crude oil production to 3 million bpd by 2030, expand natural gas to 12 bcf/d, and complete major pipeline projects to strengthen domestic supply and regional energy integration.
The Nigerian National Petroleum Company Limited (NNPCL) spent ₦7.1 trillion in 2024 on what effectively amounts to fuel subsidy payments. However, the Federal Government denied such spending. The company recorded the sum under “Energy Security Expense.” NNPC explained that the cost arises when the exchange rate used to freeze the Premium Motor Spirit (PMS) ex-coastal price differs from the prevailing rate at the time of import settlement. The company charges this amount against funds that would otherwise go to the federation accounts.
In 2023, NNPC spent ₦4.8 trillion on the same item. Thus, 2024 marks the highest fuel-related expenditure in twenty years. Data from the Nigeria Extractive Industry Transparency Initiative (NEITI) shows that the previous peak was ₦3.36 trillion in 2022. Although President Bola Tinubu announced the removal of fuel subsidies in May 2023 to reduce waste and boost revenue, the government spent even more on energy security in 2024.
Meanwhile, NNPC recorded a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion. This demonstrates strong operational performance. The company also unveiled a strategic roadmap to drive growth and support Nigeria’s energy transition through 2030. The plan prioritises higher oil and gas production and includes a $60 billion investment pipeline across the energy value chain.
NNPC’s results highlight strengthened financial resilience and improved operational efficiency:
- Revenue: ₦1 trillion, 88% year-on-year growth
- Profit After Tax: ₦4 trillion, 64% year-on-year growth
- Earnings Per Share: ₦0.7, 64% year-on-year growth
Group CEO Bashir Bayo Ojulari said the results reflect the positive momentum of the ongoing transformation and the staff’s commitment. He added that NNPC aims to become a globally competitive energy company. It will deliver sustainable returns while powering Nigeria and Africa’s future.
The company set clear strategic targets. It plans to increase crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030. It will expand natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030. NNPC will complete major infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, the Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipeline. The company is also mobilising $60 billion in investments across upstream, midstream, and downstream sectors.
Founded in 1977, NNPC underwent a transformation in July 2022 under the Petroleum Industry Act (PIA) 2021. It became a fully commercial, profit-driven entity. Today, NNPC plays a pivotal role across the oil and gas value chain. It drives growth, energy security, and sustainable development for Nigeria and the continent.