The Nigerian National Petroleum Company (NNPC) Limited has reported a drastic collapse in its profitability, with its Profit After Tax (PAT) falling to N216 billion in September 2025, the company revealed in a report.
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.
This sharp and sustained downturn, detailed in summaries from April to September 2025, signalled a significant reversal of fortune for the state-owned oil giant and raises concerns about its financial contributions to the nation’s treasury amid volatility in the sector.
In April, the NNPC reported 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 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 strike and whenever there is strike and critical staff manning critical facilities 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.”
According to the NNPC, production levels during the period were temporarily moderated due to planned maintenance activities, including those at NLNG alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.
