The Parliamentary Support Network and allied civil society organisations have commended Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer Bashir Bayo Ojulari over the company’s reported ₦7.2 trillion profit after tax in 2025 and a nationwide fuel discount.
The groups said the company’s financial performance and ₦66-per-litre discount on Premium Motor Spirit (PMS), commonly known as petrol, showed progress in implementing the Petroleum Industry Act (PIA).
They made the remarks at a press conference in Abuja jointly addressed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren on behalf of the Parliamentary Support Network and the Reformers Network.
According to the groups, NNPCL’s 2025 audited financial statements showed a 33 per cent increase in profit after tax compared with the previous year, despite volatility in global oil markets.
They also reported that the company declared ₦5.8 trillion in dividends, increased remittances to the Federation Account and recorded crude oil and condensate production of 1.77 million barrels per day, its highest level in five years.
“These numbers represent more money available for roads, schools, hospitals, security, and the social programmes that touch the lives of ordinary citizens,” the groups said in a statement.
They added that the performance demonstrated the potential of the national oil company to contribute more reliably to government revenue.
The organisations also highlighted NNPCL’s ₦66-per-litre petrol discount at its retail stations, introduced to mark Nigeria’s 66th Independence Anniversary and extended until the end of this month.
They said the initiative was funded from the company’s retail margin rather than the Federation Account, distinguishing it from the former petrol subsidy regime.
The groups described the discount as a corporate responsibility measure intended to provide temporary relief to motorists, transport operators and households facing rising living costs.
“At a time when many Nigerians feel the weight of economic pressure, this gesture has provided tangible, immediate cushioning,” the statement said.
However, the groups did not provide figures showing the number of beneficiaries or the total financial value of the discount.
Groups urge sustained petroleum sector reforms
The organisations acknowledged that NNPCL continued to face challenges, including volatile global oil prices, inherited infrastructure problems and the demands of restructuring a decades-old institution.
They nevertheless maintained that the Petroleum Industry Act 2021 had created a framework for improving transparency, investment and accountability in the oil and gas sector.
“The PIA provided the legal and institutional framework. What we are witnessing is leadership that is giving that framework practical meaning,” the statement said.
The groups also pointed to progress on gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, which they said could support industrial development and improve power supply.
They urged NNPCL’s management to sustain efforts to increase oil production, control costs, expand gas commercialisation and strengthen transparent governance.
The organisations also called on legislators, regulators, industry operators and civil society groups to support measures aimed at consolidating the gains of petroleum sector reforms.
They said the success of the reforms should ultimately be measured by whether Nigerians experience more reliable fuel supplies, affordable pricing where possible, increased public revenue and greater accountability from the national oil company.
