NNPC Profit Slumps 80% to N185bn in July

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp fall in profit after tax, plunging from N905 billion in June to N185 billion in July—a 79.6 percent decline.

According to its monthly financial report released Thursday night, the company generated N4.41 trillion in July, down from N4.57 trillion in the previous month.

Despite the profit drop, oil production rose slightly to 1.7 million barrels per day, up from 1.68 mbpd, while natural gas output increased to 7.7 billion cubic feet from 7.58 bcf in June.

The report highlighted progress on key gas infrastructure projects, with the Ajaokuta-Kaduna-Kano (AKK) pipeline reaching 96% completion and the Obiafu-Obrikom-Oben (OB3) pipeline at 83%. NNPC said additional contractors have been deployed to accelerate completion.

Statutory payments for January–June stood at N7.97 trillion, while upstream pipeline availability remained at 100 percent.