Economy

NNPC Ltd April profit report shows N748 billion PAT, major project gains

Published

1 year ago

June 13, 2025

NNPC Ltd reports N748 billion profit after tax for April with key progress on AKK and OB3 pipelines and crude oil output averaging 1.606 million bpd

NNPC Ltd April profit report has revealed strong financial and operational performance for the Nigerian National Petroleum Company Limited, with the company posting a revenue of N5.89 billion and a Profit After Tax of N748 billion for the month.

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This was disclosed in the April Monthly Report Summary released on Thursday, which also detailed strategic progress across major national energy projects.

According to the report, crude oil and condensate production averaged 1.606 million barrels per day in April. Natural gas production stood at 7.354 million standard cubic feet per day.

The data presented covers only NNPC Ltd’s own output, excluding independent operators’ figures reported by the Nigerian Upstream Petroleum Regulatory Commission.

The company also noted that it made statutory payments totalling N4.22 billion between January and March. Meanwhile, retail petrol availability stood at 54 per cent for the month under review, and upstream pipeline reliability reached 97 per cent.

On the infrastructure front, the OB3 gas pipeline project reached 95 per cent completion, while work on the Ajaokuta-Kaduna-Kano (AKK) pipeline advanced to 70 per cent.

NNPC Ltd also reported technical interventions to resolve challenges around River Niger crossings, which have long delayed completion.

The company highlighted that it had successfully implemented relevant presidential directives and Executive Orders guiding upstream operations, underlining its focus on sustainable production growth.

Collaboration with Venture Partners to accelerate output enhancement also featured prominently in its strategy for the month.

Turnaround Maintenance was completed across several Oil Mining Leases including OML 18, OML 58, OML 118 and OML 133.

The Port Harcourt Refinery Company, along with Warri and Kaduna refineries, remains under review, with no firm timeline yet disclosed for full operational status.

Also read: NNPC, Sahara Group to collaborate on energy access

The April report concluded with a note that all figures are provisional and unaudited, reflecting operational and financial data exclusive to the stated period.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

1 day ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.