By Abiola Olawale
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a significant slump in its financial performance, posting a Profit After Tax (PAT) of N216 billion for September 2025.
This latest figure highlights a steep and persistent decline, representing a 71% plunge in profitability over the past six months, according to the company’s recent monthly financial summary.
The national oil company’s September profit is sharply down from the N539 billion reported in August, and drastically lower than the higher profit figures recorded earlier in the year.
This development indicated a staggering 71 percent decline from the N748 billion recorded just six months earlier in April, according to an analysis of the company’s monthly report summaries.
In April, the NNPCL reported a N748 billion profit after tax. PAT then rose to N1.05 trillion in May, and declined to N905 billion in June.
The state-owned oil company continued on a downward slope in July, recording N185 billion PAT in the period. Meanwhile, profit rose to N539 billion in August before declining again in September.
“The PAT recorded in September included adjustments to cost of sales and income tax,” the report stated.
The NNPCL explained that the decline could be linked to the recorded decline in crude oil production in September, on the back of the 3-day industrial action of the Petroleum and Natural Gas Senior Staff Association (PENGASSAN).
Earlier, Bayo Ojulari, GCEO of the NNPC, disclosed that Nigeria lost 200,000 barrels per day of crude oil to the recent strike action embarked upon by the nation’s oil workers, culminating in a total of over 600,000 barrels during the three-day supply disruption.
He said: “I think it was unfortunate that the Dangote and PENGASSAN issue led to a strike, and whenever a strike occurs, and critical staff are manning critical facilities, they are not available, and optimum production is almost impossible.
“In this particular case, we actually lost significant production of over 200,000 bpd that was deferred.
“We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he said.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also shared the same sentiment, stating that Nigeria’s crude oil production fell to 1.39 million barrels per day in September from 1.43 million barrels per day (mbpd) recorded in August 2025.
Meanwhile, the NNPC recorded N4.269 trillion in revenue in September, falling from N4.655 trillion reported in August.
“Revenue reflects the aggregate of groupwide revenues, including intercompany transactions,” the company stated. “All production, sales, and financial figures are provisional and subject to reconciliation with relevant stakeholders.”
