Why we can’t return to fuel subsidy regime — Presidency
Fuel Station
The Presidency has declared that the 2025 performance of Nigerian National Petroleum Company Limited (NNPCL) has validated its stance that a return to the fuel subsidy regime would amount to a step backwards for the country’s economy.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated this on his official X handle on Tuesday, warning that any attempt to return Nigeria to the petrol subsidy regime could undermine the Nigerian National Petroleum Company Limited (NNPCL).
He was reacting to NNPCL’s key financial performance in 2025.
Onanuga stated that “Earnings Before Interest, Taxes, Depreciation, and Amortisation rose 22% to ₦18.0 trillion; Earnings Per Share increased 32% to ₦35.9; Operating cash flow grew 16% to ₦12.8 trillion.”
He also disclosed that “return on Equity improved by 200 basis points to 16%; and the declared dividend increased 35% to ₦5.8 trillion.”
According to Onanuga, “Crude 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.
“Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited’s equity share increasing 11% to 223.7 million barrels.
“Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, while its equity share rose 11% to 1,154.9 billion standard cubic feet.”
The statement concluded by dismissing the proposal by African Democratic Congress presidential candidate Atiku Abubakar to return to the fuel subsidy regime if elected, saying it would reverse the country’s economic progress.
“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!”
