Returning to fuel subsidy will kill NNPC, Presidency warns

The Nigerian government has warned against reintroducing a petrol subsidy, warning that it could jeopardise the Nigerian National Petroleum Company Limited (NNPC). Bayo Onanuga, a special adviser to President Bola Tinubu on information and strategy, made the warning in a tweet on Tuesday. He highlighted NNPC’s financial and operational performance in 2025, reporting a 22% rise in earnings before interest, taxes, depreciation and amortisation to N18tn.

Earnings per share also increased by 32% to N35.9, while operating cash flow grew 16% to N12.8tn. Return on equity improved by 200 basis points to 16%, and NNPC’s declared dividend rose by 35% to N5.8tn. He stated, "Oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high."

Onanuga further cautioned, "Atiku’s subsidy programme will certainly kill this company, which could be our own Aramco. Our country has no business taking 100 steps back. Forward ever!"