Economy
NNPC Generates N6.008trn from Petroleum Product Sales in May 2025
By Adedapo Adesanya
About N6.008 trillion was generated as revenue in May 2025 from petroleum products compared with the N5.972 trillion posted in April 2025, according to the Nigerian National Petroleum Company (NNPC) Limited.
In its latest Monthly Report Summary released by the national oil company on Monday, the profit after tax rose by 14 per cent to N1.054 trillion in May from N926 billion April.
This happened as crude oil and condensate production also showed slight improvement during the month, climbing to 1.63 million barrels per day in the period under review from 1.61 million barrels per day in the preceding month, maintaining a steady recovery trend.
It was an erratic month for the country’s oil production numbers as it saw production peak for the month reached 1.72 million barrels per day.
A breakdown showed that crude oil output held flat at 1.35 million barrels per day, while condensate volumes recovered slightly to 0.28 million barrels per day in May from 0.26 million barrels per day in April.
Similarly, gas production rose slightly to 7.352 billion standard cubic feet per day, up from 7.354 billion standard cubic feet per day the previous month.
Gas sales, however, dipped marginally from 4.240 billion standard cubic feet per day in April to 4.185 billion standard cubic feet per day in May.
On the sales side, crude oil and condensate sales improved significantly, jumping to 24.77 million barrels in May from 22.16 million barrels in April. This marked the highest sales volume since February.
However, there was a decline in downstream performance as data showed fuel availability at NNPC Retail Limited stations dropped to 62 per cent in May, compared to 70 per cent in April, based on internal industry tracking.
In terms of strategic projects, the company reported steady progress on the OB3 and Ajaokuta-Kaduna-Kano gas pipeline projects. OB3 achieved 96 per cent completion, while the AKK project reached 81 per cent. Upstream pipeline availability remained strong at 98 per cent.
The report also highlighted recent interventions such as the May turnaround maintenance of key pipelines, including the Trans Escravos Pipeline, as well as multiple flow stations in OML 40 and OML 17.
This development marks the second straight month that NNPC Limited has released the data as it works towards operational transparency and sectoral impact.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
