The Nigerian National Petroleum Company (NNPC) Limited has reported a sharp decline in its profitability, with its Profit After Tax (PAT) plunging to ₦216 billion in September 2025 , a staggering 71 per cent drop from the ₦748 billion recorded in April.
An analysis of the company’s financial performance from April to September 2025 revealed a consistent downward trend, signalling a major reversal for the state-owned oil giant and raising concerns about its fiscal contributions amid growing volatility in the global oil market.
According to NNPC’s monthly financial summaries, the firm had posted a PAT of ₦748 billion in April, which rose to ₦1.05 trillion in May before dropping to ₦905 billion in June. The decline worsened in July, when profit fell to ₦185 billion, slightly rebounding to ₦539 billion in August before plunging again to ₦216 billion in September.
The report noted that the September figure included adjustments related to cost of sales and income tax.
The slump has been largely attributed to a fall in crude oil output during the period, following a three-day industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Group Chief Executive Officer of NNPC, Bayo Ojulari, confirmed that Nigeria lost about 200,000 barrels per day of crude oil production due to the strike, amounting to over 600,000 barrels over the three-day disruption.
“It was unfortunate that the Dangote and PENGASSAN issue led to a strike. When critical staff are unavailable to manage essential operations, optimum production becomes impossible,” Ojulari said. “In this particular case, we lost significant crude production, as well as deferred gas output and power generation of about 1.2 megawatts.”
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the decline, disclosing that Nigeria’s crude oil production dropped to 1.39 million barrels per day (mbpd) in September, compared to 1.43 mbpd in August.
Meanwhile, NNPC’s total revenue for September stood at ₦4.27 trillion, down from ₦4.66 trillion in August. The company clarified that the reported revenue represented aggregate groupwide income, including intercompany transactions, and remained subject to reconciliation with relevant stakeholders.
NNPC added that production during the period was temporarily constrained by scheduled maintenance activities — notably at the Nigeria Liquefied Natural Gas (NLNG) plant — as well as delays in the commencement of operations at Oil Mining Leases (OMLs) 71 and 72, and the gradual recovery of previously shut-in assets.
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