The Nigerian National Petroleum Company Limited (NNPC
Ltd) has remitted a total of N10.073 trillion to the
Federation Account between January and August 2025, according to
its latest financial report.
The remittances comprise proceeds from crude and
condensate sales, gas sales, royalties, taxes, and other statutory payments due
to the Federation. The August remittance reflected an increase of about N1.21
trillion compared to July’s figure, bringing cumulative remittances
from January to July to approximately N8.86 trillion.
The report showed that crude oil and
condensate production averaged 1.61 million barrels per day (bpd) in September,
down from 1.65 million bpd in August, representing a 2.9
per cent decline from the 1.70 million bpd recorded
in July. Production during the period fluctuated between 1.56 and 1.69
million bpd, including condensates.
Although production remained below the nation’s
technical capacity, NNPC said the level was sufficient to sustain reasonable
inflows into government accounts. The temporary dip was attributed to planned
maintenance at key facilities, including the Nigeria LNG plant, and delays
in restarting operations at some oil mining leases.
NNPC reported a profit after tax of ?539
billion in August, which declined to N216 billion in September,
representing a reduction of about N323 billion. However, the
September profit was higher than the N185 billion declared in
July but lower than the N905 billion posted in June and N1.054
trillion recorded in May.
On gas operations, average daily production
stood at 6.28 billion standard cubic feet per day (scfpd) in
September. A significant portion of this volume was commercialised through both
domestic and export markets, contributing to overall revenue performance.
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