The Nigerian National Petroleum Company Limited (NNPCL) has seen its profit after tax fall by ₦834 billion between May and September 2025, reflecting weaker oil production and operational disruptions during the period.
According to the company’s latest financial report, NNPCL recorded a profit after tax of ₦216 billion in September — down 71% from ₦1.05 trillion in May. The drop came as crude oil output declined, revenues weakened, and a recent workers’ strike disrupted production.
Monthly performance showed fluctuating results: ₦748 billion in April, ₦1.05 trillion in May, ₦905 billion in June, ₦185 billion in July, and ₦539 billion in August, before sliding again in September. Revenue also fell to ₦4.26 trillion in September from ₦4.65 trillion the previous month.
Crude oil and condensate output averaged 1.61 million barrels per day (bpd) in September, slightly lower than August’s 1.64 million bpd. Natural gas production also dropped to 6.28 billion standard cubic feet per day (scf/d) from 6.95 billion scf/d in August.
The company linked part of the decline to a three-day strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which caused a loss of about 200,000 barrels per day. Group CEO, Bayo Ojulari, said the industrial action disrupted key operations, affecting both oil and gas supply.
Despite the profit slump, NNPCL transferred ₦10.07 trillion to the Federation Account between January and August 2025, maintaining steady contributions to national revenue.
The company also reported progress on major gas infrastructure projects. The Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline is now 88% complete, while part of the Obiafu–Obrikom–Oben (OB3) pipeline is already transporting around 300 million standard cubic feet of gas daily.
NNPCL said it remains focused on stabilising operations and expanding its retail fuel network nationwide, ensuring steady product supply. Analysts believe that if current trends continue, the company’s total payments to the government could exceed ₦15 trillion by the end of the year.
