Atiku’s Subsidy Plan Will Kill NNPC — Presidency Raises Alarm

Presidential spokesman Bayo Onanuga has warned that the African Democratic Congress (ADC) presidential candidate, Atiku Abubakar’s, plan to restore the fuel subsidy if elected could undermine the Nigerian National Petroleum Company Limited (NNPC Ltd).

Naija News reports that Onanuga stated this on Tuesday while highlighting NNPC Ltd’s 2025 audited financial and operational results released by the national oil company.

NNPC Ltd reported a 33 per cent increase in profit after tax to ₦7.2 trillion in 2025, from ₦5.4 trillion in 2024, while revenue stood at ₦34.5 trillion.

The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while Earnings Per Share increased by 32 per cent to ₦35.9.

Reacting to the development, Onanuga said NNPC is showing stronger financial and operational performance under the current subsidy-free regime.

The presidential aide also highlighted NNPC’s production figures, saying crude oil and condensate production averaged 1.77 million barrels per day in 2025, the company’s highest level in five years.

Natural gas production averaged 7.2 billion standard cubic feet per day, a three-year high.

“Oil and condensate production totalled 565.8 million barrels, up five per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels,” Onanuga said.

He added that natural gas production reached 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Ltd’s equity share rose by 11 per cent to 1,154.9 billion standard cubic feet.

Linking the performance to the debate over petrol subsidy, Onanuga warned against reversing the current policy.

“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” the presidential spokesman said.

“Our country has no business taking 100 steps back. Forward ever!” he added.