Returning to fuel subsidy will kill NNPC, Presidency warns
Returning to fuel subsidy will kill NNPC, Presidency warns
The Presidency has warned against any attempt to return Nigeria to the petrol subsidy regime, saying the policy could undermine the Nigerian National Petroleum Company Limited.
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, gave the warning in a post on X on Tuesday while highlighting what he described as NNPC’s financial and operational performance in 2025.
Onanuga said NNPC’s earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18tn, while earnings per share increased by 32 per cent to N35.9.
He also said the company’s operating cash flow grew by 16 per cent to N12.8tn, return on equity improved by 200 basis points to 16 per cent, while its declared dividend increased by 35 per cent to N5.8tn.
Onanuga further said crude oil and condensate production averaged 1.77 million barrels per day, which he described as the highest level in five years, while natural gas output averaged 7.2 billion standard cubic feet per day.
See more Punch stories on Google.
He said, “Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
“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.”
He said natural gas production reached 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Limited’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.
Commenting on former Vice President Atiku Abubakar’s position on petrol subsidy, Onanuga said, “Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco.”
He added, “Our country has no business taking 100 steps back. Forward ever!”
PUNCH Online earlier reported that NNPC’s December 2025 Monthly Report Summary separately reported N60.517tn in revenue and N5.76tn in profit after tax for the 2025 financial year, with the company noting that some figures remained provisional and subject to reconciliation.
