NNPCL is a commercial entity, yet a custodian of national oil assets, an instrument of energy policy, and a channel through which government expenses are incurred.
It makes NNPCL a state within the state. On the surface, the numbers from its 2025 audit report are dramatic.
NNPC’s profit after tax rose from N3.3tr in 2023 to N5.4tr in 2024, then to N7.2tr in 2025.
The 2025 financial statements disclose N11.2tr in other receivables from the Federation, which are unexplained and represent 34 per cent of its 2025 revenue.
Yet NNPC reports N7.2tr in profit while carrying N11.2tr on security and claims against the Federation.
That is more than twice the N5.4 trillion appropriated for Defence and security in the 2026 federal budget.
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