The Nigerian National Petroleum Company (NNPC) Limited has reported a 59.93 per cent decline in profit after tax (PAT) to N216 billion in September from N539 billion in August.
The state-owned oil company disclosed this in its monthly report summary for September, released on Tuesday, October 21.
According to NNPC, the PAT recorded in September included adjustments to the cost of sales and income tax.
The report showed that its revenue fell to N4.269 trillion in September from N4.655 trillion in August.
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It stated: “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.”
The NNPC added that 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.
Pinnacle Daily reports that the decline in the NNPC performance reflects the drop in crude oil production in September, blamed on the recent Petroleum and Natural Gas Senior Staff Association (PENGASSAN) 3-day industrial strike.
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The NNPC Group Chief Executive Officer, Bayo Ojulari, had claimed 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.
“I think it was unfortunate that the Dangote and PENGASSAN issue led to a strike, and whenever there is a strike, and critical staff manning critical facilities are not available, 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,” Ojulari had said.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the 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.
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Meanwhile, the NNPC has seen its financial performance fluctuate in the last six months.
Checks by Pinnacle Daily on the company’s monthly report summaries showed that from April to September 2025, the state-owned oil company had seen its performance fluctuate considerably.
It 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, rose to N1.05 trillion in May, but declined to N905 billion in June.
Its profit after tax plunged further to N185 billion in July, rose to N539 billion in August, and now declined again to N216 billion in September.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
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