By Milcah Tanimu
The Nigerian National Petroleum Company (NNPC) Limited has announced a substantial increase in its revenue from crude oil sales for the year 2023. According to the company’s Audited Financial Statements (AFS), NNPC earned ₦14.07 trillion from crude oil sales, marking a remarkable 298.7 percent rise from the ₦3.52 trillion reported in 2022.
In addition to the revenue from crude oil, NNPC reported total earnings of ₦24 trillion for the fiscal year ending December 31, 2023. The financial statements revealed that revenue from petroleum products sales amounted to ₦7.14 trillion, reflecting a 58.74 percent increase from the ₦4.5 trillion earned in 2022.
The company also reported significant growth in natural gas sales, with revenue reaching ₦2.3 trillion in 2023, a 237.31 percent increase from the previous year’s ₦683 billion. Additionally, NNPC earned ₦94 million from the sale of power, a notable increase from no revenue in 2022.
Revenue from services, including seismic contracts, gas transmission tariffs, and other related services, reached ₦464.94 billion—an impressive 362.5 percent increase from the ₦100.5 billion earned in 2022.
The report detailed that the revenue from crude oil includes proceeds from equity interests in various oil assets and sales of crude used throughout the year. Petroleum products sales encompass Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automotive Gasoline Oil (AGO), and other related products. Revenue from natural gas reflects the invoice value of gas sold to third parties, while services revenue covers earnings from various contracts and tariffs.
