01/10/2026
NNPC says it spent N11trn to protect oil assets in 2025 on behalf of FG
The Nigerian National Petroleum Company (NNPC) Limited says it spent N11.2 trillion in 2025 to protect oil assets on behalf of the federal government.
The cost is reflected in the companyâs 2025 audited financial report, seen by TheCable on Wednesday, as âother receivables from federationâ relating to âadvance payments to the federation and costs incurred to secure the countryâs oil and gas assetsâ.
Receivables are amounts owed to a company by customers or the government for goods or services delivered on credit.
This, the NNPC said, is under an approved framework âbetween the federal government and the groupâ.
This means that the federal government is expected to refund the NNPC the money the oil firm spent protecting oil assets.
According to the document, the framework allows the NNPC to incur security costs to protect the countryâs oil and gas assets and recover the expenses to the federation as energy security costs.
The NNPC also said no âenergy security expenseâ, commonly known as petrol subsidy, âwas recognisedâ during the year, compared with N7.13 trillion incurred in the previous year.
The report, however, showed that the company incurred a defrayed energy security cost of N8.9 trillion, which was carried over from 2024.
âFollowing a reconciliation exercise with relevant government agencies, the Energy Security cost receivables was netted off against royalties, tax, and dividends due as at December 2024. The reconciliation exercise was recorded in September 2025,â NNPC added.
According to the report, the oil company generated N34.52 trillion in revenue from âcontracts with customersâ in 2025, covering crude oil, petroleum products, natural gas, power, and services.
The NNPC reported a N25.39 trillion in revenue from crude oil sale in 2025, down from N29.2 trillion recorded from the revenue stream in 2024.
The oil firm also earned N2.1 trillion from petroleum product sale, compared with N9.68 trillion in 2024.