NNPC Limited recorded a 23.4 per cent decline in group revenue to N34.52 trillion in 2025, from N45.08 trillion recorded in 2024, according to the company’s 2025 audited financial report.
The N10.56 trillion decline was largely driven by a sharp fall in revenue from petroleum products, which dropped by 77.6 per cent, from N9.68 trillion in 2024 to N2.17 trillion in 2025.
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This was disclosed in the company’s 2025 audited report published on Wednesday last week. The financial report, which provided a breakdown of NNPC’s revenue by commodity and geographical market, shows that crude oil remained the company’s largest source of revenue, and that earnings from the commodity also declined.
According to the breakdown of the report, NNPC’s revenue from crude oil fell by 13.1 per cent from N29.21 trillion posted in 2024 to N25.39 trillion in 2025.
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The decline in crude oil and petroleum products revenue more than offset increased earnings from natural gas and power during the year.
The company’s revenue from natural gas rose by 18.3 per cent, from N5.20 trillion in 2024 to N6.15 trillion in 2025, while power revenue increased by 25.4 per cent, from N9.42 billion to N11.81 billion.
The report said revenue from services declined from N980.46 billion in 2024 to N792.33 billion in 2025, which implies about 19.2 per cent decline.
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Nigeria remains dominant market
The report also showed that Nigeria accounted for the bulk of NNPC’s group revenue in 2025.
Revenue generated from Nigeria stood at N23.84 trillion, representing about 69 per cent of the group’s total revenue.
Other significant geographical markets included the United Arab Emirates, which contributed about N2.81 trillion; Douglas, Isle of Man, with about N2.26 trillion; Switzerland, with N1.95 trillion; and the British Virgin Islands, with about N711.3 billion.
The geographical breakdown also shows that NNPC generated revenue across several international markets, including Singapore, Spain, Germany, Mauritius, the United Kingdom, the Bahamas, the United States, Ghana, Vietnam and Togo.
Despite the significant decline at group level, the revenue of NNPC Limited as a standalone company remained relatively stable.
The company’s revenue fell by just 1.7 per cent, from N19.66 trillion in 2024 to N19.32 trillion in 2025.
The divergence between the group and company figures reflects the broader contribution of NNPC’s subsidiaries and other group entities to the consolidated results.
The report’s figures show that crude oil remained the backbone of NNPC’s earnings, accounting for about 74 per cent of group revenue in 2025. Natural gas contributed another 17.8 per cent, while petroleum products accounted for about 6.3 per cent.
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The figures highlight the continued exposure of NNPC’s revenue base to developments in the crude oil market, while also showing the growing contribution of natural gas to the company’s earnings.
In January, NNPC unveiled its Gas Master Plan (GMP) 2026, aimed at driving industrialisation and strengthening the nation’s energy security.
The company also unveiled the 20 million Liquefied Petroleum Gas (LPG) cylinder supply initiative targeted for delivery by 2030, alongside the NNPC LPG and cylinder supply expansion initiative.
The Gas Master Plan 2026 is an offshoot of the Nigerian Gas Master Plan 2008, a strategic framework designed to maximise economic benefits from Nigeria’s abundant gas resources.
A key feature of the GMP 2026 is its full alignment with the Nigerian Decade of Gas Programme.
It is expected to serve as the definitive framework for coordinated gas sector development, execution discipline and value creation over the next decade.
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