The Parliamentary Support Network and allied civil society organisations on Friday praised the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Engr. Bashir Bayo Ojulari, for what they described as measurable progress in implementing the Petroleum Industry Act and delivering tangible benefits to ordinary Nigerians.
Speaking at a press conference in Abuja, the groups highlighted the company’s recently presented 2025 Audited Financial Statements and the nationwide ₦66-per-litre discount on Premium Motor Spirit as clear evidence that reforms under Ojulari’s leadership are beginning to yield results for both the Federation and the masses.
The press conference was jointly addressed by Amb. Muhammad Abdulrazaq and Comr. Adams Umoren on behalf of the Parliamentary Support Network in collaboration with the Reformers Network.
“It is with a deep sense of national pride and responsibility that the Parliamentary Support Network stands 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 the Petroleum Industry Act and the determined leadership that is translating that vision into measurable results for the ordinary Nigerian,” the statement said.
“The Petroleum Industry Act of 2021 remains one of the most far-reaching legislative achievements of our democratic era.
“For decades, the Nigerian oil and gas sector operated under a framework that bred opacity, discouraged investment, and denied the Federation its rightful value. The PIA changed that trajectory,” it added.
According to the groups, the 2025 audited accounts presented to President Bola Ahmed Tinubu showed a Profit After Tax of ₦7.2 trillion, representing a 33 per cent increase over the previous year despite a difficult global price environment.
Dividends of ₦5.8 trillion were declared, remittances to the Federation Account rose significantly, and crude oil and condensate production reached a five-year high of 1.77 million barrels per day.
They noted that these improved financial and operational outcomes have translated into more resources for critical national priorities such as roads, schools, hospitals, security and social programmes, while also strengthening NNPCL’s position as a more reliable contributor to the Federation.
“These numbers represent more money available for roads, schools, hospitals, security, and the 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,” the statement added.
“What makes this performance even more significant is the context in which it was achieved. Global oil markets remained volatile, downstream deregulation altered traditional revenue streams, and the company continued to manage legacy infrastructure challenges.
“Yet under Ojulari’s leadership, NNPCL demonstrated resilience by focusing on operational efficiency, cost discipline, and production recovery.”
Beyond the balance sheet, the organisations drew particular attention to the nationwide ₦66-per-litre discount on Premium Motor Spirit introduced by NNPCL at its retail stations.
The initiative, launched to mark Nigeria’s 66th Independence Anniversary and extended through the end of October, is funded entirely from the company’s own retail margin and not from the Federation Account.
The groups described the discount as a deliberate act of corporate responsibility that has provided immediate relief to motorists, transporters and households at a time of elevated living costs, while carefully distinguishing it from the old subsidy regime.
“Beyond the balance sheet, the impact on the Nigerian masses is becoming visible in practical ways. In a period of elevated global crude prices, NNPCL under Ojulari’s leadership introduced a nationwide ₦66-per-litre discount on Premium Motor Spirit at its retail stations.
“The initiative… is funded from the company’s own retail margin—not from the Federation Account. 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 the cost of living.
“At a time when many Nigerians feel the weight of economic pressure, this gesture has provided tangible, immediate cushioning.
“Other initiatives further illustrate the direction of this leadership. Progress on critical gas infrastructure, including the AKK pipeline and related projects, is laying the foundation for industrial growth and power stability.”
The Parliamentary Support Network and collaborating organisations also acknowledged ongoing challenges, including legacy issues, market volatility and the scale of transforming a decades-old institution.
They insisted, however, that the overall direction under Ojulari remains the right one and that the Petroleum Industry Act is gradually being given practical meaning through competent leadership.
They stressed that the ultimate test of petroleum sector reforms is not legal elegance or corporate structure alone, but whether ordinary citizens experience more stable supply, fairer pricing where possible, greater public revenue and a more accountable national oil company.
“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 Parliamentary Support Network believes that the direction of travel under Engr. Ojulari is the right one.
“The PIA provided the legal and institutional framework. What we are witnessing is leadership that is giving that framework practical meaning,” the statement said.
“For the Nigerian masses, the ultimate test of any petroleum reform is not the elegance of its legal language or the sophistication of its corporate structure.
“The ultimate test is whether the ordinary citizen feels the benefit—in more stable supply, in fairer pricing when possible, in greater revenue for public services, and in a national oil company that operates with a sense of accountability”.
In their closing remarks, the groups formally commended Engr. Bashir Bayo Ojulari and his management team for the progress recorded so far.
They urged sustained focus on production growth, cost discipline, gas commercialisation and transparent governance, while calling on all stakeholders—legislators, regulators, industry players and civil society—to support measures that consolidate the gains rather than undermine them.
