A coalition of civil society organisations, led by the Parliamentary Support Network, has commended Bashir Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), for what they describe as tangible progress in the oil and gas sector under his leadership. At a press conference in Abuja on Friday, October 16, the groups cited NNPCL's 2025 audited financial statements and a nationwide fuel discount as evidence that reforms tied to the Petroleum Industry Act (PIA) are beginning to benefit ordinary Nigerians.
NNPCL Records Profit Surge and Five-Year Production High
According to the groups, the 2025 audited accounts presented to President Bola Ahmed Tinubu showed a Profit After Tax of ₦7.2 trillion, a 33 per cent rise on the previous year despite turbulent global oil markets. Dividends of ₦5.8 trillion were declared, while crude oil and condensate production reached a five-year high of 1.77 million barrels per day. Remittances to the Federation Account also rose during the period.
The organisations said these figures translate into more money available to fund roads, schools, hospitals, security and social programmes, while reducing what they called "fiscal anxiety" around the national oil company. "The PIA provided the legal and institutional framework. What we are witnessing is leadership that is giving that framework practical meaning," the groups said in a statement sighted by Legit.ng.
₦66-Per-Litre Fuel Discount Described as Corporate Responsibility
Beyond the financial results, the coalition drew attention to the ₦66-per-litre discount on Premium Motor Spirit introduced by NNPCL at its retail stations nationwide. The initiative was launched to mark Nigeria's 66th Independence Anniversary and extended through the end of October. Crucially, the groups noted it is funded from the company's own retail margin and not from the Federation Account.
"It is not a return to the old subsidy regime. It is a deliberate act of corporate responsibility that prioritises relief for motorists, transporters, and households struggling with the cost of living," the statement read. The organisations also cited progress on gas infrastructure, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, as further signs of a reform agenda with long-term benefits for industrial growth and power supply.
Groups Urge Sustained Focus on Transparency and Production Growth
While acknowledging that legacy challenges, global price volatility and the complexity of reforming a decades-old institution remain real obstacles, the groups said the overall direction under Ojulari is sound. They urged him and his management team to maintain focus on production growth, cost discipline, gas commercialisation and transparent governance. They also called on legislators, regulators and other industry stakeholders to support measures that build on the gains achieved so far rather than undermine them.
The event was jointly addressed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren, speaking on behalf of the Parliamentary Support Network in collaboration with the Reformers Network. Earlier, the Coalition for Good Governance (CGG) praised the NNPCL for its ongoing N66-per-litre petrol discount, saying the offer is providing real financial relief to Nigerians at a time of significant economic pressure. In a statement signed by Comrade Danjuma Bello on Monday, October 12, the group described the price reduction at NNPCL retail stations across the country as a show of corporate responsibility, coming at a period when rising global crude oil prices have driven up domestic fuel costs.
