Presidency Raises Alarm Over Atiku’s Subsidy Plan, Warns Of NNPC Crisis

Presidential spokesman Bayo Onanuga has criticised African Democratic Congress (ADC) presidential candidate Atiku Abubakar’s proposal to restore petrol subsidies if elected, arguing that such a policy could undermine the Nigerian National Petroleum Company Limited (NNPC Ltd).

Onanuga made the remarks on Tuesday while commenting on NNPC Ltd’s audited financial and operational results for the 2025 financial year. The company reported a profit after tax of ₦7.2 trillion, representing a 33 per cent increase from ₦5.4 trillion recorded in 2024, while revenue stood at ₦34.5 trillion.

According to Bush Radio Academy, Onanuga said the latest figures demonstrated what he described as stronger financial and operational performance under the current subsidy-free regime.

He highlighted NNPC’s earnings before interest, taxes, depreciation and amortisation, which rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9. Operating cash flow also grew by 16 per cent to ₦12.8 trillion, according to the company’s reported 2025 results.

Onanuga also pointed to the company’s production performance, noting that crude oil and condensate production averaged 1.77 million barrels per day in 2025, which NNPC described as its highest level in five years. Natural gas production averaged 7.2 billion standard cubic feet per day, described by the company as a three-year high.

He further noted that total oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while NNPC Ltd’s equity share rose by 11 per cent to 223.7 million barrels.

Natural gas production reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share increased by 11 per cent to 1,154.9 billion standard cubic feet.

Linking the figures to the ongoing debate over petrol subsidy, Onanuga warned against returning to the previous subsidy regime.

“Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco,” the presidential spokesman said, adding that Nigeria should not reverse course.

NNPC Ltd said its 2025 results reflected stronger earnings and operational performance despite lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum sector.

The company also reported a 35 per cent increase in its declared dividend to ₦5.8 trillion and said it was targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.

Onanuga’s remarks come amid the political debate over Atiku’s proposal on petrol subsidy ahead of the 2027 presidential election. His comments represent the Presidency’s position on the potential impact of a return to subsidy, while the wider debate continues over fuel prices, government intervention and the future of Nigeria’s petroleum sector.