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NNPC Posts Strong Revenue Despite Lower Crude Output

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NNPC revenue hits N5.07tn with N447bn profit after tax in October 2025 despite lowest crude output of the year

The NNPC revenue surged in October 2025, with the Nigerian National Petroleum Company Limited posting N5.07tn in revenue and N447bn profit after tax, despite crude oil and condensate production sliding to its lowest point in 10 months.

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Also read: NNPC JV gives vital boost with $300k cancer care donation

According to NNPC’s monthly performance report released on Saturday, the country pumped 1.58 million barrels per day (mbpd) of crude and condensates in October, down from 1.61mbpd in September.

Production fluctuations throughout 2025 have been linked to asset downtime, maintenance activities, and crude theft.

Gas production provided a brighter note, climbing to 6,997 million standard cubic feet per day (mmscf/d) from September’s 6,284mmscf/d. While still below the year’s peaks of 7,300–7,700mmscf/d, the improvement reflects ongoing recovery efforts across upstream gas fields.

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Crude and condensate sales volume also hit a yearly high of 26.71 million barrels in October, surpassing July’s 25.49 million barrels and March’s 16.32 million barrels.

NNPC attributed the growth to improved evacuation efficiency, shipping schedules, and clearance of previous backlogs.

The report highlighted progress on strategic gas infrastructure projects, with the Obiafu-Obrikom-Oben (OB3) Pipeline 96 per cent complete and the Ajaokuta–Kaduna–Kano (AKK) Pipeline at 89 per cent. Both projects are crucial for domestic gas transportation, power generation, and industrial development.

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NNPC also reported 100 per cent upstream pipeline availability, signalling reduced downtime and stronger operational efficiency.

The company is continuing maintenance across key assets, including Stardeep–Agbami, Esso–Erha, Renaissance–EA, and OML 42, with full production recovery planned by mid-December.

Between January and September 2025, NNPC remitted N11.15tn in statutory payments to the Federation Account, maintaining its status as the country’s largest revenue source. Stable sales, higher export receipts, and disciplined cost management underpinned the company’s strong financial performance.

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In retail operations, petrol (PMS) availability at NNPC stations stood at 50 per cent, following interventions to address intermittent fuel queues in urban centres.

Meanwhile, the NNPC Foundation’s 2025 financial literacy programme has reached over one million NYSC corps members at the Kubwa orientation camp.

Also read: NNPC Profit Surge Shows Strong 2024 Performance

Despite production challenges, the report demonstrates NNPC’s resilience in revenue generation and operational management, highlighting a path toward stabilising Nigeria’s oil and gas sector while supporting national economic growth.

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Rest of World to Shut Down as Search for New Home Continues

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Rest of World

Rest of World shutdown plans point to January 2027 as leaders seek a new institutional home for the nonprofit technology newsroom

Rest of World, the international nonprofit digital publication known for reporting on technology’s impact beyond Western markets, is preparing to end operations as an independent organisation in January 2027 while its leadership searches for a new institutional home.

Also read: Flamingos Target Quarter-Finals in Mexico Clash

Deputy Editor Rina Chandran confirmed the development in a LinkedIn post on Monday, October 26, 2026, saying the newsroom would continue publishing until the end of January as efforts to secure a future for the publication continued.

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“Yes, it’s true: Rest of World is shutting down. After six years of award-winning reporting, our leadership is searching for a new home for the publication that was launched to cover innovation outside the West,” Chandran wrote.

She recalled joining the publication as its Southeast Asia editor in Bangkok before moving to San Francisco, where she became a deputy editor covering how technology developed in Silicon Valley affects people in other parts of the world.

Chandran described working with the publication’s reporters, editors, freelancers and columnists as a privilege, expressing appreciation for the people who contributed to its journalism.

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She also reassured contributors that work already commissioned would still be published and that existing journalism would be preserved and remain accessible.

“If you are a freelancer or columnist who has already been commissioned, you’re good! Your work will be preserved and continue to be accessible,” she wrote, thanking readers, donors and supporters.

The announcement follows a report by Semafor on Sunday that Rest of World founder and principal financial backer Sophie Schmidt had held discussions with several large institutions about potentially taking over the newsroom.

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According to Semafor, two people familiar with the plans said a late-January wind-down date had been set to give employees time to receive exit packages and seek new jobs if efforts to find a new institutional home failed.

Schmidt reportedly told donors that the publication would stop operating as a standalone entity at the end of January.

The proposed closure comes amid a reported decline in traffic from web searches and social media referrals over the preceding 18 months.

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The publication had attempted to retain readers by placing greater emphasis on Western audiences and requiring visitors to register before accessing articles.

Founded in 2020, Rest of World sought to broaden technology journalism beyond the traditional focus on Silicon Valley and other Western technology centres.

Its reporting examined how digital products, platforms and infrastructure shape everyday life, work and economies in emerging markets and other underreported regions.

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Schmidt pledged $60m to establish the project as a nonprofit newsroom.

Over the years, its coverage has explored technology-driven changes in labour markets, digital infrastructure, artificial intelligence and the influence of major technology companies.

The publication’s 2025 annual report said it reached more than 753,000 readers monthly across platforms and channels, with reporting spanning nearly 40 countries during the year.

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Those figures illustrate the scale of its international reporting, even as the organisation faces difficulties sustaining its current operating model.

The planned end of independent operations does not necessarily mean the publication’s journalism will disappear.

Its leadership is seeking an institution that could provide a future for the newsroom, while Chandran has said its existing work will remain accessible.

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Also read: Flamingos Target Quarter-Finals in Mexico Clash

Whether a suitable organisation will take over the publication, and what form Rest of World might take under new ownership or institutional support, remains unresolved.

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