The Nigerian National Petroleum Company (NNPC) Limited has reported a significant drop in its profit after tax, which fell by nearly 80%, from N905 billion in June to N185 billion in July. This sharp decline marks the steepest fall yet for the national oil company.
Key Financial Highlights
According to the NNPC’s latest monthly financial report, the company’s revenue for July was N4.41 trillion, a slight decrease from the N4.57 trillion recorded in June. This follows a trend of declining profits, as the company’s profit after tax also dropped from N1.05 trillion in May to N905 billion in June.
The report also noted a marginal increase in crude oil production, which rose from 1.68 million barrels per day to 1.7 million barrels per day. Natural gas production also saw a slight increase to 7.7 billion cubic feet in July, up from 7.58 billion cubic feet in June. In the first half of the year, NNPC’s total statutory payments amounted to N7.97 trillion.
