NNPC’s sundry income hits N7.1 trillion, equivalent to 99% of annual profit

The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded N7.10 trillion in sundry income in 2025, an amount equivalent to about 99% of the N7.18 trillion net profit reported by the state-owned energy company for the year.

NNPC disclosed the figures in its 2025 Annual Financial Report, which was authorised and audited in September 2026 and provides details of the Group’s financial and operational performance for the year ended December 31, 2025.

The N7.10 trillion sundry income represented a sharp increase from N2.53 trillion in 2024, meaning the income category rose by about 181% year-on-year and became the dominant component of the Group’s N8.42 trillion total other income.

NNPC profit rises despite revenue drop

NNPC Chairman, Ahmadu Musa Kida, said the company delivered improved financial performance during a year characterised by geopolitical instability, energy-transition pressures and broader macroeconomic uncertainty.

The financial statements show that NNPC’s profit after tax increased by about 33% to N7.18 trillion in 2025 from N5.41 trillion in the previous year.

• Revenue, however, declined by about 23% to N34.52 trillion from N45.08 trillion in 2024, while gross profit fell to N9.37 trillion from N11.71 trillion.
• NNPC recorded N8.42 trillion in other income in 2025, compared with N3.39 trillion a year earlier, representing an increase of about 148%.
• Sundry income accounted for N7.10 trillion, or roughly 84% of total other income during the year.

NNPC also recorded N1.99 trillion in net other losses, predominantly from realised and unrealised foreign-exchange losses, which partially offset the benefit of the increase in other income.

The figures show that NNPC generated less revenue from its operations in 2025 but still ended the year with substantially higher net profit, with the sharp rise in sundry and other income providing significant support to earnings.

Inside NNPC’s N7.10 trillion sundry income

Sundry income generally refers to earnings arising outside a company’s principal or regular revenue-generating activities and can comprise a collection of incidental, ancillary or non-core income streams.

• NNPC’s N7.10 trillion sundry income was equivalent to approximately 98.9% of its N7.18 trillion profit after tax, although this does not mean sundry income alone generated 99% of the company’s profit, since net profit is determined after accounting for revenue, operating costs, finance costs, gains and losses, taxes and other items.
• Sundry income rose by approximately N4.58 trillion from N2.53 trillion in 2024 to N7.10 trillion in 2025.
• NNPC said the income came from Trans-Forcados pipeline income, crude processing fees, miscellaneous income received from joint-venture operators and the writeback of a previously recognised provision relating to the Amenam-Kpono stock overlift claim.
• The financial report does not provide a separate monetary breakdown for the four components, meaning it is not possible from the disclosed note to determine the individual contribution of each item.

Other income also included N678.67 billion from variation in crude stock, N468.64 billion in management fees, N92.90 billion in Road Infrastructure Tax Credit uplift income, N26.46 billion in dividend income and several smaller items.

The scale of these supplementary income streams is particularly significant because NNPC generated roughly N10.56 trillion less revenue than it did in 2024 even as profit after tax expanded by about a third.

NNPC profit weakens in 2026

NNPC’s latest annual numbers come ahead of a weaker profit performance recorded in the first half of 2026, following the substantial increase in profit reported for 2025.

• The company reported N2.28 trillion in profit after tax for the first six months of 2026, representing a decline of about 35.4% from N3.53 trillion recorded in the corresponding period of 2025.
• NNPC is pursuing an extensive investment programme across Nigeria’s oil and gas value chain, with plans to mobilise about $60 billion for upstream, midstream and downstream projects by 2030.
• The programme includes major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System and the Obiafu-Obrikom-Oben pipeline.
• NNPC posted N5.41 trillion in profit after tax in 2024 from revenue of about N45.08 trillion before profit increased to N7.18 trillion in 2025 even as revenue declined.
• Its 2024 performance was heavily driven by crude sales, with the company generating about N29.21 trillion from crude oil sales that year, more than twice the N14.07 trillion generated from the same segment in 2023.

On the operational side, NNPC said crude oil and condensate production reached 565.8 million barrels in 2025, averaging about 1.77 million barrels per day, which the company described as its highest average daily crude production in five years.