The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced that it remitted N6.96 trillion to the Federation Account in the first five months of 2025. According to its June Monthly Report Summary released on Monday, NNPC recorded a Profit After Tax (PAT) of N905 billion for June 2025 — a decline from the N1.054 trillion posted in May. Despite the dip in monthly profit, the report confirmed a cumulative statutory remittance of N6.961 trillion between January and May 2025, up from N5.583 trillion recorded as of April. The report also highlighted a steady recovery in upstream operations, with daily crude oil and condensate production reaching 1.68 million barrels per day (bpd) — the highest level since January. NNPC’s revenue for June stood at N4.571 trillion, down from N6.008 trillion in May, reflecting volatility in the global oil market. “Crude oil and condensate production increased slightly, rising from 1.629 million bpd in May to 1.68 million bpd in June. “Natural gas production also rose to 7.581 billion standard cubic feet per day (scf/d) in June, up from 7.352 billion scf/d in May, indicating a steady recovery in output,” the report indicated. According to the report, fuel availability improved as well, with petrol availability at NNPC retail stations increasing to 71 per cent in June from 62 per cent in May. It further revealed that the completion of critical gas infrastructure projects showed progress: the Ajaokuta–Kaduna–Kano (AKK) pipeline moved to 83 per cent completion from 81 per cent, while the OB3 pipeline remained at 96 per cent completion. “Upstream pipeline availability slightly dipped from 98 per cent in May to 97 per cent in June,” it added. The report also emphasized ongoing strategic and technical initiatives, notably the successful completion of the AKK River Niger crossing, which has significantly reduced risks associated with the pipeline’s delivery. It noted that a technical review of the OB3 River Niger crossing is underway, leveraging insights gained from the AKK project. Reviews of the Port Harcourt, Warri, and Kaduna refineries are still in progress. On its Corporate Social Responsibility efforts, NNPC stated that it conducted a Financial Literacy Programme in June for over 67,000 NYSC members nationwide, bringing the total number of participants trained under the initiative to 870,383. The report clarified that all production, sales, and financial figures are provisional, pending reconciliation with relevant stakeholders. It concluded by affirming NNPC Ltd.’s sustained contribution as a vital revenue source for the Nigerian government amid fiscal challenges and ongoing economic reforms.

Nigeria’s economy expanded to N372.8 trillion in 2024 (equivalent to \$145.3 billion at the current exchange rate), driven largely by growth in the services, industry, and agriculture sectors. Despite this expansion, citizens continue to grapple with a worsening cost of living crisis, as headline and food inflation stood at 22.22% and 21.97%, respectively, as of June 2025. The National Bureau of Statistics (NBS) recently released its long-awaited rebased Gross Domestic Product (GDP) figures for the years 2019 through 2024. The new data shows that the economy grew from N205.09 trillion in 2019 to N372.82 trillion in 2024, reflecting modest growth over the five-year period. In nominal terms, the economy recorded a growth rate of 17.81% in 2024. Notably, growth accelerated annually since 2020, except in 2022, with rates of 3.6%, 13.72%, 12.65%, and 14.12%, respectively. In real terms, GDP grew by 3.04% in 2023 and 3.38% in 2024. For the first quarter of 2025, real GDP growth stood at 3.13%—the slowest pace since early 2024. This followed 3.76% growth in Q4 2024, 3.86% in Q3, and 3.48% in Q2. According to WAFFI TV, this marks only the second time since 2014 that Nigeria has rebased its GDP to better reflect the country’s evolving economic structure. However, the rebasing has not altered Nigeria’s standing in Africa, as it remains the fourth-largest economy on the continent—trailing South Africa (\$410.34 billion), Egypt (\$347.34 billion), and Algeria (\$268.89 billion), based on IMF estimates. Despite the improved macroeconomic indicators, the growth has failed to translate into improved living conditions for most Nigerians, who continue to endure rising inflation and economic hardship.

Nigeria's Gross Domestic Product (GDP) has been rebased from N80 trillion to N205 trillion, marking a significant shift in the country’s economic outlook. The Statistician-General of the Federation, Adeyemi Adeniran, who disclosed this, said the new figure reflects a 41.7% increase compared to the last rebasing exercise in 2014. According to him, the latest rebasing covers the years 2019 to 2023, with 2019 set as the new base year. Adeniran highlighted crop production, trade, real estate, telecommunications, and the oil and gas sector as the top five contributors to the revised GDP.

The Federation Account Allocation Committee (FAAC) has distributed a total of **N1.818 trillion** as June 2025 revenue to the **Federal Government**, **state governments**, and **local government councils**. This was disclosed in a communiqué issued after FAAC’s July 2025 meeting, held Friday night in Abuja, and signed by **Bawa Mokwa**, Director of Press and Public Relations, Office of the Accountant-General of the Federation (OAGF). According to the communiqué, the total distributable revenue included: * **Statutory revenue:** N1.018 trillion * **Value Added Tax (VAT):** N631.507 billion * **Electronic Money Transfer Levy (EMTL):** N29.165 billion * **Exchange difference:** N38.849 billion * **Non-mineral revenue augmentation:** N100 billion The document revealed that **gross revenue for June** stood at **N4.232 trillion**, with **N162.786 billion** deducted as cost of collection, and **N2.251 trillion** set aside for transfers, interventions, refunds, and savings. A breakdown of the N1.818 trillion shared showed the **Federal Government received N645.383 billion**, **states got N607.417 billion**, and **LGs received N444.853 billion**. Additionally, **N120.759 billion** was distributed to oil-producing states as **13% derivation**. Breakdown by Revenue Component: * **From N1.018 trillion statutory revenue:** * FG: N474.455 billion * States: N240.650 billion * LGs: N185.531 billion * 13% Derivation: N118.256 billion * **From N631.507 billion VAT:** * FG: N94.726 billion * States: N315.754 billion * LGs: N221.027 billion * **From N29.165 billion EMTL:** * FG: N4.375 billion * States: N14.582 billion * LGs: N10.208 billion * **From N38.849 billion Exchange Difference:** * FG: N19.147 billion * States: N9.712 billion * LGs: N7.487 billion * 13% Derivation: N2.503 billion * **From N100 billion Non-Mineral Augmentation:** * FG: N52.680 billion * States: N26.720 billion * LGs: N20.600 billion The communiqué noted a sharp increase in **Companies Income Tax, Petroleum Profit Tax**, and **EMTL**, while **Oil and Gas Royalties, VAT, Import Duty, Excise Duty**, and **CET Levies** declined significantly compared to May 2025.

The Naira appreciated on Friday, trading at N1,537 per dollar in the parallel market, up from N1,540 per dollar on Thursday. Similarly, it strengthened to N1,535 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved by N1, moving from N1,536 to N1,535 per dollar. As a result, the gap between the parallel market and the NFEM rate narrowed to N2 per dollar, compared to N4 per dollar the previous day.

Nigeria’s headline inflation rate declined to **22.22% in June 2025**, down from **22.97% in May**, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS). This marks a **0.75 percentage point drop year-on-year**, and a significant **11.97-point decline** from the **34.19% recorded in June 2024**. The figures reflect data based on the revised CPI base year of 2024. On a **month-on-month basis**, inflation rose slightly to **1.68% in June**, compared to **1.53% in May**, indicating a modest uptick in the general price level. ### Food Inflation Falls Sharply Year-on-Year The **annual food inflation rate** stood at **21.97%** in June, representing a notable **18.90 percentage point drop** from the **40.87% recorded in June 2024**. However, food prices increased month-on-month by **3.25%**, up from **2.19% in May**. This monthly rise was largely driven by higher prices of staples such as dried green peas, fresh pepper, crayfish, tomatoes, plantain flour, and fresh meat. ### Core and Urban-Rural Inflation Trends **Core inflation**, which excludes volatile food and energy prices, rose to **22.76% year-on-year**, with a month-on-month increase of **2.46%**, compared to **1.10% in May**. The 12-month average core inflation stood at **24.14%,** slightly above the **24.01%** seen a year ago. **Urban inflation** climbed to **22.72% year-on-year** and **2.11% month-on-month**, while **rural inflation** eased to **20.85% year-on-year**, with a slower monthly increase of **0.63%**, down from **1.83% in May**. The average 12-month rural inflation rate dropped to **24.65%**, from **28.15%** in June 2024. ### State-Level Breakdown: Borno Leads in Inflation Spike At the state level, **Borno State** recorded the highest headline inflation at **31.63%**, followed by **FCT (26.79%)** and **Benue (25.91%)**. **Zamfara (9.90%)**, **Yobe (13.51%)**, and **Sokoto (15.78%)** posted the slowest increases. For month-on-month changes, **Ekiti (5.39%)**, **Delta (5.15%)**, and **Lagos (5.13%)** saw the highest rises, while **Zamfara (-6.89%)**, **Niger (-5.35%)**, and **Plateau (-4.01%)** experienced the steepest monthly declines. ### Food Inflation by State: Wide Regional Differences In terms of food inflation, **Borno (47.40%)**, **Ebonyi (30.62%)**, and **Bayelsa (28.64%)** reported the highest year-on-year increases. **Katsina (6.21%)**, **Adamawa (10.90%)**, and **Sokoto (15.25%)** had the slowest. On a monthly basis, **Enugu (11.90%)**, **Kwara (9.97%)**, and **Rivers (9.88%)** recorded the sharpest increases, while food prices dropped in **Borno (-7.63%)**, **Sokoto (-6.43%)**, and **Bayelsa (-6.34%)**. The NBS cautioned that state comparisons should be made carefully, as varying consumption patterns influence CPI weights, potentially affecting regional inflation measurements.

President of the Dangote Group, Alhaji Aliko Dangote, has unveiled plans to slash the cost of Liquefied Petroleum Gas (LPG), commonly called cooking gas. He also warned that if existing distributors fail to reduce prices, his company would begin selling directly to consumers. However, some industry stakeholders have opposed the move, accusing Dangote of attempting to monopolise the LPG market. They voiced their concerns on Monday, saying the plan could edge out smaller operators. During a recent refinery tour with local and foreign visitors, Dangote noted that the current price of cooking gas remains too high for many Nigerians who rely on firewood. He revealed that the refinery now produces about 22,000 tonnes of LPG daily and aims to increase supply to the Nigerian market as demand for gas grows. Addressing members of the Lagos Business School CGEO Africa at the Lekki refinery, Dangote said, “Right now, we’re producing around 2,000 tonnes of LPG per day. LPG use is growing in Nigeria, but it’s still too expensive. We’re working to make it cheaper.” He added, “If distributors refuse to lower prices, we will bypass them and sell directly to consumers so that more Nigerians can switch from firewood and kerosene to LPG.” It is worth noting that Dangote is also planning to start direct nationwide distribution of petrol, diesel, and aviation fuel from August, using 4,000 newly acquired CNG-powered buses. Currently, the price of cooking gas ranges between N1,000 and N1,300 per kilogramme. Dangote pledged to reduce this to make it more affordable. Despite the promise of lower prices, some operators are wary. Speaking to our correspondent, Godwin Okoduwa, former Chairman of the LPG and Natural Gas Downstream Group of the Lagos Chamber of Commerce and Industry, criticised the plan as monopolistic. Okoduwa argued that the market, which grew from 70,000 metric tonnes in 2007 to over 1 million metric tonnes in 2022, resulted from the efforts of multiple investors—and that Dangote should focus on collaboration rather than domination. “I think it’s monopolistic. I think a market should be protected to encourage growth. The LPG industry in Nigeria grew from 70,000 metric tonnes in 2007 to over 1.3 million tonnes in 2022. That was done by collaboration — collaboration with the Federal Government, the NLNG, and offtakers. Everything was done in collaboration. It grew from 70,000 to 250 to 800, and now over a million,” Okoduwa said. He stressed that growth cannot be achieved through a monopoly but through collaboration. “Today, we are just under 5kg or 6kg per capita consumption in terms of LPG. Other countries are doing much more. South Africa is doing double digits, Morocco and Tunisia are doing double digits. We can do much more. “So, we should, as an industry and as a country, focus on how to grow the LPG industry and not allow someone (to frustrate the players). Yes, he has invested; yes, it’s a capital economy, but he should not be allowed to frustrate the players. “There are people who have spent money, spent resources, even business and development, and someone just comes in to reap from the work that has been done. I’m sure he wouldn’t have built if there had not been an existing market. The work has been done, he should respect the market and let us grow. It shouldn’t be a zero-sum strategy. It should be collaborative,” he said. In his recommendation, the gas expert said that though Dangote has the upper hand, he should embrace collaboration. “My advice to him is that the pie can be bigger. The Nigerian market is about 1.3 million tonnes. The Nigerian LPG market can be 5 million tonnes. He should work towards collaboration rather than competition, because at the end of the day, everybody benefits,” he added. The PUNCH

Africa’s richest man, Alhaji Aliko Dangote, has submitted an application to develop a seaport near his fertilizer and oil refinery complexes, aiming to ease the export of products such as liquefied natural gas and further drive the rapid expansion of his industrial empire. Dangote revealed in an interview in Lagos that he filed the paperwork in late June for approval to construct what he describes as “the biggest, deepest port in Nigeria.” According to Bloomberg, the planned Atlantic seaport at Olokola in Ogun State is located about 100 kilometers (62 miles) by road from Dangote’s fertilizer plant and petrochemical refinery in Lagos. Currently, Dangote exports urea and fertilizer through an on-site jetty, which also handles the delivery of heavy equipment for the refinery, Bloomberg reported. The proposed port is expected to strengthen the logistics and export capacity of Dangote’s conglomerate and compete with other major facilities in Lagos, including the Chinese-funded Lekki Deep Sea Port, which commenced operations in 2023. “It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he said. The port marks the billionaire’s return to the same site where he had previously abandoned plans to build his giant refinery and fertilizer complex after wrangling with local authorities. The tensions have since been mended under a new administration. Dangote also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta, vice-president of the group Devakumar Edwin said in another interview. “We want to do a major project to bring more gas than what NLNG is doing today,” he said, referring to Nigeria LNG Ltd., a joint-venture between the government, Shell Plc, Eni SpA and TotalEnergies SE, which is currently the continent’s largest exporter of LNG. He said: “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

The naira strengthened today to N1,545 per dollar in the parallel market, up from N1,550 per dollar recorded last weekend. Similarly, it appreciated in the Nigerian Foreign Exchange Market (NFEM) to N1,528.65 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved to N1,528.65 per dollar from N1,532 per dollar last Friday, marking a gain of N3.35. As a result, the gap between the parallel market and the NFEM rate narrowed to N16.35 per dollar, down from N18 per dollar last weekend.

Oil marketers and industry stakeholders have expressed support for the proposed sale of Nigeria’s refineries currently managed by the Nigerian National Petroleum Company Limited (NNPC), stressing the need for the process to be transparent, inclusive, and accountable. They argued that privatising the Port Harcourt, Warri, and Kaduna refineries—which have consumed trillions of naira in rehabilitation and maintenance efforts without tangible results—would finally open up the downstream sector to real competition, help stabilise prices, and end what many have described as a persistent financial drain. Their reactions follow recent remarks by NNPC’s Group Chief Executive Officer, Bayo Ojulari, who disclosed that despite ongoing rehabilitation works on the refineries with a combined capacity of 445,000 barrels per day, results have fallen short due to the facilities’ outdated condition. Speaking to Bloomberg on the sidelines of the 9th OPEC International Seminar in Vienna, Austria, Ojulari revealed that the NNPC is currently reviewing its refinery strategy and expects to conclude this assessment by the end of the year. He added that while the sale of the refineries is not yet confirmed, it remains a possible outcome: > “What we are saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said. The proposal coincided with comments by the President of the Dangote Group, Aliko Dangote, who suggested that due to years of mismanagement, the refineries may never be commercially viable again. Industry analysts believe that, if handled transparently, the plan could finally address longstanding inefficiencies and financial waste. The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, also described privatisation as the most logical path forward, given the refineries’ troubled history. He stated, “Well, if you go back a few months, PETROAN had done a very careful evaluation of the situation, and we had advised that privatisation of the refinery will be the best option. And we still maintain the same mindset. So if NNPCL has come around, almost about six months or thereabout to get to the same conclusion. It only tells you that PETROAN does a very well detailed empirical analysis. We do wish them well.” However, the association warned against turning the refineries’ sale into a political exercise devoid of clarity and stakeholder engagement. He noted that the petroleum refining space should be opened up to encourage multiple players in the market, arguing that competition, not monopoly, will ultimately drive efficiency and ensure availability of petroleum products. “Let the privatisation process, if they ever want to birth it, be done properly and it should all stakeholders. MEMAN, DAPPMAN, PETROAN, IPMAN and NUPENG. We should all be part of the process,” Gillis-Harry stated. The PETROAN president also expressed disappointment with the current administration’s lack of follow-through on promised investigations into past refinery rehabilitation projects. He referenced the now-elapsed 30-day ultimatum issued for revamping the Port-Harcourt refinery, questioning the silence surrounding its outcome. He asserted, “The administration came in and this is the concern I have about politicising our public enterprises. They came in a zest to even say they want to review, research and probe to know what it was used for. “We have not even heard any of the result of those investigations and then suddenly, selling the refineries becomes an option on the table. So you can clearly see that it is a situation that we really need to be careful about, because we are talking about our future. “For us at PETROAN, we do know that government cannot run this business of refining and make it successful and that is why we have recommended that there should be a privatisation process which should include the grassroots stakeholders. It is very critical that even before discussion is on, let us see what is the result of the investigation. “What is even the conclusions of the revamping that was given 30 days, for which PETROAN came out and said, let 30 days be days. That has even elapsed now and nothing seems to have even started. We don’t even know whether it is the jinx of NNPC or Nigerians oil and gas or some cabal. We need to be sure what we are doing in this country. We are only a group calling for accountability and we hope conversations will be held and answers will be given.” Echoing similar sentiments, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, described the refineries as a burden on public finances. According to him, the billions already sunk into turnaround maintenance efforts had yielded no tangible results. He noted that IPMAN had earlier called for the declaration of a state of emergency in the refining sector, describing it as long overdue. Ukadike noted, “For me, NNPCL is a private investment owned by the federal government and it has been there for decades, supplying the need of Nigerians as at time. But in the last 15 years, it hasn’t been operational. The running cost is even higher than what it is earning in revenue or produce. “So it is imperative that government looks at this and chart the best way forward, either to sell off the refinery or repair. But we have found out that, for a long time now, repairs is not imminent. “And billions of naira have been sunked to do a turnaround maintenance. So whatever the government can do, to ensure that the property is being utilised. Like they did with Indorama, is acceptable for us. So that it can drive competition in the industry.” When asked if the refineries should be sold off as scrap, Ukadike disagreed. “They should not be scrapped,” he said. “We have advised before that the President should declare a state of emergency in the refining sector. That would yield positive results.” He, however, noted that years of corruption and poor technical management had rendered the refineries dysfunctional despite billions of naira spent on rehabilitation. “There’s nothing wrong in attempting repairs, but it’s clear now that corruption and inexperience have led to the waste of billions of naira on the three refineries, and yet, they’re still not working. At this point, the best option is to sell them,” he stated. Quoting a local proverb, he concluded, “When your dog no longer recognises your members of your family, the owners is advised to sell it for another owner, who might know how to treat it well.” Also reacting to the development, energy economist and policy expert, Kelvin Emmanuel, raised alarm over the failure of anti-corruption agencies to act on what he described as a clear case of economic sabotage. “It will be a travesty if the Attorney-General of the Federation and the EFCC Chairman allow the immediate past management and board of NNPC led by Mele Kyari to go scot-free without investigation and recommendation for prosecution,” he wrote in a post on X handle. The PUNCH