The Presidency has warned against plans to reintroduce petrol subsidies, arguing that the policy could undermine the financial performance and operations of the Nigerian National Petroleum Company Limited.
The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, issued the warning in a post on X on Tuesday while highlighting the company’s reported financial and operational performance in 2025.
Onanuga said NNPC’s earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18 trillion, while its earnings per share increased by 32 per cent to N35.9.
He added that the company’s operating cash flow grew by 16 per cent to N12.8 trillion, return on equity improved by 200 basis points to 16 per cent, and declared dividends increased by 35 per cent to N5.8 trillion.
On operational performance, Onanuga said crude oil and condensate production averaged 1.77 million barrels per day, which he described as the highest level in five years.
He also reported that natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
“Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high,” he said.
According to Onanuga, oil and condensate production totalled 565.8 million barrels, representing a five per cent increase, while NNPC’s equity share rose by 11 per cent to 223.7 million barrels.
He added that natural gas production reached 2,606.2 billion standard cubic feet, a nine per cent increase, while the company’s equity share grew by 11 per cent to 1,154.9 billion standard cubic feet.
Reacting to former Vice President Atiku Abubakar’s position on petrol subsidies, Onanuga argued that restoring the policy could reverse the company’s reported gains.
“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” he said.
He added, “Our country has no business taking 100 steps back. Forward ever!”
The remarks come amid renewed debate over petrol subsidies and their implications for public finances and the petroleum sector, following Atiku’s proposal to reintroduce the policy.