In a bold push toward operational transparency, the Nigerian National Petroleum Company Limited (NNPC), under the leadership of its new Group Chief Executive Officer, Mr. Bayo Ojulari, has publicly released its operational and financial performance data for April 2025. The disclosure marks a significant departure from the opaque practices the state oil giant has long been criticized for.
Appointed by President Bola Tinubu on April 2, Ojulari’s leadership has wasted no time in responding to mounting calls from industry observers and civil society for improved accountability. In its April operational update, NNPC reported a total revenue of ₦5.89 trillion and Profit After Tax (PAT) of ₦748 billion.
This marks the first time in over four years that such data has been released, following a prolonged blackout on monthly reporting by the corporation without explanation. Stakeholders have described the move as a key milestone, renewing hope in the transparency drive promised under Nigeria’s ongoing oil sector reforms.
The report revealed that petrol availability at NNPC’s retail stations nationwide stood at 54 per cent in April, while crude oil and condensate production averaged 1.61 million barrels per day a slight decline from January’s 1.67 million bpd. However, natural gas output increased to 7,354 million standard cubic feet per day, up from 7,120 mmscf/d in February.
NNPC also disclosed statutory payments totaling ₦4.225 trillion to the federal government for the first quarter of 2025. Looking ahead, the company plans to reach four major Final Investment Decisions (FIDs) by the end of the year. These include:
Ntokon Development Project (OML 102)
Crude Oil Expansion Project (OML 29)
Gas Development Projects (OMLs 30 and 42)
Brass Fertiliser Project
The Brass Fertiliser initiative is seen as vital to meeting domestic agricultural demands, reducing fertiliser imports, and improving food production capacity.
Ojulari’s leadership comes at a time when NNPC has been tasked with hitting an ambitious $60 billion investment target by 2030, while scaling up oil production to 2 million barrels per day by 2027 and 3 million bpd by 2030.
Further details from the report show solid progress on major infrastructure projects. The Oben-Obiafu-Obrikom (OB3) gas pipeline is now 95% complete, while the Ajaokuta-Kaduna-Kano (AKK) pipeline is at 70%. Upstream pipeline availability was recorded at 97%, reflecting increasing infrastructure resilience.
Observers say the April report is a promising sign that the NNPC may finally be aligning with global best practices in transparency and corporate governance, as it continues its transformation under the Petroleum Industry Act (PIA). However, many remain watchful, urging consistent disclosures and timely audits to restore public confidence in the long-run.
