Atiku’s fuel subsidy plan could cripple NNPC, Presidency warns Nigerians

Bayo Onanuga, spokesman for the President, has stated that the suggestion by ADC presidential aspirant Atiku Abubakar to reinstate fuel subsidy may be detrimental to the operations of the Nigerian National Petroleum Company Limited (NNPC Ltd).

He said this during his reactions to NNPC Ltd’s 2025 audited financial and operational results which indicated an enormous rise in the firm’s profit after tax.

According to NNPC Ltd, profit after tax rose by 33 per cent from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025, while revenue stood at ₦34.5 trillion.

The company also reported a 22 per cent increase in Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) to ₦18 trillion, while earnings per share rose by 32 per cent to ₦35.9.

NNPC Ltd said its taxes, royalties and other remittances to the Federal Government also increased by 39 per cent to ₦22.3 trillion in 2025.

Onanuga said the figures demonstrated stronger financial and operational performance under the current subsidy-free petroleum market.

He also highlighted the company’s production figures, noting that crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level recorded in five years.

Natural gas production also averaged 7.2 billion standard cubic feet per day, representing a three-year high, according to the company’s audited results.

“Oil and condensate production totalled 565.8 million barrels, up five per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels,” Onanuga said.

He added that natural gas production reached 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Ltd’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.

Linking the company’s performance to the ongoing debate over petrol subsidy, Onanuga argued that reversing the current policy could weaken NNPC Ltd’s financial position.

“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” the presidential spokesman said.

“Our country has no business taking 100 steps back. Forward ever!” he added.

NNPC Ltd, which became a commercially driven company under the Petroleum Industry Act, has said its improved 2025 profitability was achieved despite lower revenue, attributing the result to operational efficiency, financial discipline and stronger earnings.

The company has also set targets of increasing crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.