By John Alechenu, Abuja
Civil society groups have scored the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Engr Bashir Bayo Ojulari, high on implementation of the Petroleum Industry Act, PIA.
The Parliamentary Support Network and allied groups said Ojulari’s leadership has translated PIA into tangible benefits for Nigerians
Speaking at a press conference in Abuja on Friday, Amb Muhammad Abdulrazaq and Comr. Adams Umoren, who spoke on behalf of the Parliamentary Support Network and Reformers Network, said the company’s 2025 Audited Financial Statements and the nationwide N66-per-litre petrol discount are concrete proof that the PIA is working.
They said, “It is with a deep sense of national pride that we stand before you today We gather not merely to mark another public engagement, but to reflect on a decisive chapter in Nigeria’s petroleum history -one defined by the bold vision of PIA and determined leadership translating that vision into measurable results.”
According to them, the 2025 audited accounts presented to President Bola Tinubu showed Profit After Tax of N72 trillion, a 33 percent increase over 2024 despite volatile global prices.
Dividends of N58 trillion were declared, remittances to the Federation Account rose significantly, and crude and condensate production hit a five-year high of 1.77 million barrels per day.
“These numbers represent more money available for roads, schools, hospitals, security, and social programmes that touch the lives of ordinary citizens They represent a national oil company that is beginning to function as a reliable contributor to the Federation rather than a perpetual source of fiscal anxiety,” they said.
The groups said the performance was achieved despite market volatility, downstream deregulation and legacy infrastructure challenges
They singled out the N66-per-litre discount on Premium Motor Spirit introduced at NNPCL retail stations to mark Nigeria’s 66th Independence Anniversary and extended to end of October
The groups stressed the discount is funded from the company’s retail margin, not from the Federation Account
They added, “It is not a return to the old subsidy regime It is a deliberate act of corporate responsibility that prioritises relief for motorists, transporters and households struggling with cost of living.”
The groups also noted progress on gas infrastructure including the AKK pipeline as foundation for industrial growth and power stability
“We recognise that no reform is without challenges Legacy issues, global market volatility, and the sheer scale of transforming a decades-old institution will continue to test resolve. Yet the direction of travel under Engr. Ojulari is the right one,” they stated in the text of the press conference.
They urged sustained focus on production growth, cost discipline, gas commercialisation and transparent governance, while calling on legislators, regulators and industry players to consolidate gains
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