The Centre for Reforms and Good Governance (CRGG) has credited reforms at the Nigerian National Petroleum Company Limited (NNPCL) under its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, with strengthening public confidence in President Bola Ahmed Tinubu’s administration.
In a statement signed by its Executive Director, Maxwell Onazi, the Centre described Ojulari’s tenure, which began with his appointment on April 2, 2025, as a significant period in the commercialisation and professionalisation of Nigeria’s national oil company.
According to the CRGG, the reforms have produced measurable improvements in NNPCL’s financial performance, oil and gas production, transparency, infrastructure development and investor confidence, which it said are consistent with the objectives of the Federal Government’s Renewed Hope Agenda.
“Engr. Bayo Ojulari has shown that with disciplined leadership, commercial focus and commitment to transparency, NNPCL can be transformed from a historically loss-making entity into a profitable, investor-ready national asset,” Onazi said.
The Centre particularly pointed to NNPCL’s financial performance in the first half of 2026. The company reported ₦19.04 trillion in revenue and ₦2.28 trillion in profit after tax between January and June, while statutory payments to the Federation Account reached ₦6.286 trillion during the period.
The company subsequently reported that cumulative statutory payments rose to ₦7.913 trillion between January and July 2026, following a ₦1.627 trillion payment in July. NNPCL also recorded ₦3.087 trillion in July revenue and ₦279 billion in profit after tax.
“The 2026 half-year numbers speak louder than any rhetoric. Revenue of ₦19.04 trillion, profit after tax of ₦2.28 trillion and nearly ₦8 trillion remitted to the Federation Account in seven months show that NNPCL is now operating as a true commercial entity that delivers value to the Nigerian people,” Onazi stated.
The CRGG said the financial results were supported by improvements in upstream production. NNPCL’s June 2026 report put average crude oil and condensate production at 1.72 million barrels per day, slightly below the 1.73 million barrels per day recorded in May. Separately, the Nigerian Upstream Petroleum Regulatory Commission reported average national crude oil and condensate production of 1.735 million barrels per day in June, with crude oil alone averaging 1.56 million barrels per day.
Natural gas production also increased to 7.841 million standard cubic feet per day in June from 7.774 million standard cubic feet per day in May, according to NNPCL’s monthly report.
On infrastructure, the Centre cited progress on major gas projects, including the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines. NNPCL reported in June that AKK had reached 94 per cent completion, while OB3 stood at 98 per cent.
The CRGG also cited cost optimisation and contract reviews as part of the reforms it said had improved the company’s commercial outlook.
“These are not isolated successes. Higher production, stronger gas output, near-completion of critical pipelines and multi-billion-dollar cost savings form a coherent picture of a national oil company that is finally being run with commercial rigour,” Onazi said.
The Centre argued that the combination of improved production, increased statutory remittances and greater financial disclosure had strengthened its assessment of the administration’s petroleum-sector reforms.
“When citizens see consistent, transparent remittances and rising production under a leadership appointed by this administration, their trust in the broader reform agenda of President Tinubu naturally increases. Ojulari’s results have made that connection clear and credible,” Onazi added.
The CRGG called on stakeholders to sustain support for ongoing reforms at NNPCL, saying consolidation of the gains recorded so far would be necessary to ensure that the company continue to contribute to national revenue, energy security and investment in the years ahead.
