Fuel Subsidy Return Would Harm NNPC, Presidency Cautions
The Presidency has cautioned that going back to a petrol subsidy system would put the Nigerian National Petroleum Company Limited at serious risk.
Bayo Onanuga, who serves as Special Adviser on Information and Strategy to President Bola Tinubu, issued the warning in a Tuesday post on X. He used the opportunity to present what he said were NNPC's financial and operational results for 2025.
According to Onanuga, the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 22 per cent to reach N18tn. Over the same period, earnings per share grew by 32 per cent to N35.9.
He also disclosed that operating cash flow expanded by 16 per cent to N12.8tn. Return on equity strengthened by 200 basis points to 16 per cent, and the declared dividend was raised by 35 per cent to N5.8tn.
On production, Onanuga said crude oil and condensate output averaged 1.77 million barrels per day, a level he called the highest in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, which he said was a three-year high.
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."
Onanuga further stated that natural gas production amounted to 2,606.2 billion standard cubic feet, an increase of nine per cent. NNPC Limited's equity share in that category went up by 11 per cent to 1,154.9 billion standard cubic feet.
Addressing the position of former Vice President Atiku Abubakar 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!"
In separate disclosures, NNPC's December 2025 Monthly Report Summary put revenue at N60.517tn and profit after tax at N5.76tn for the 2025 financial year. The company noted that certain figures were still provisional and could be subject to reconciliation.
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