Nigerian National Petroleum Company’s Profit Drops By N834bn In 5 Months

The Nigerian National Petroleum Company Limited (NNPCL), Nigeria’s state-owned lipid company, has reported a sustained diminution successful its profitability implicit the archetypal 9 months of 2025, with Profit After Tax (PAT) plunging by N834 cardinal successful 5 months, betwixt May and September.

The institution disclosed successful its September study that it recorded a nett aft taxation of N216 cardinal successful September 2025.

This marks a 71 per cent slump from the N1.05 trillion highest recorded successful May 2025.

The downturn was underscored by fluctuating monthly profits: from N748 cardinal successful April, surging to N1.05 trillion successful May, past falling to N905 cardinal successful June, earlier sharply declining to N185 cardinal successful July. August saw a betterment to N539 billion, but the important driblet again followed this successful September.

The September PAT fig besides included adjustments for outgo of income and income tax, alongside operational challenges.

The nationalist lipid steadfast besides announced a full gross of N4.26 trillion successful September, a diminution from the N4.654 trillion recorded successful August 2025.

The study showed that the monthly crude lipid and condensate accumulation was 1.61 cardinal barrels per day. Of this total, crude lipid accumulation was 1.37 mmbpd, down from 1.38 mmbpd recorded successful August. The full condensate was 0.24 mmbpd, down from 0.26 mmbpd successful August.

Also, earthy state accumulation stood astatine 6,284 mmscfd successful September, portion income were 3,443 mmscfd. This income measurement decreased from 4,201 mmscfd successful August.

“The PAT recorded successful September included adjustments to outgo of income and income tax,” the study stated.

The diminution could beryllium linked to the recorded diminution successful crude lipid accumulation successful September, which followed the three-day concern enactment of the Petroleum and Natural Gas Senior Staff Association (PENGASSAN).

Recall that the NNPC’s GCEO, Bayo Ojulari, had disclosed that Nigeria mislaid 200,000 barrels per time of crude lipid to the caller onslaught enactment embarked upon by the nation’s lipid workers, culminating successful a full of implicit 600,000 barrels during the three-day proviso disruption.

He said, “I deliberation it was unfortunate that the Dangote and PENGASSAN contented led to a strike. Whenever determination is simply a strike, captious unit manning captious facilities are not available, and optimum accumulation is astir impossible.

“In this case, we mislaid important accumulation of implicit 200,000 bpd that was deferred.

“We besides person state accumulation that was deferred, we besides person powerfulness procreation that was impacted by astir 1.2 megawatts of powerfulness that was affected by that strike,” helium said.

Meanwhile, the study showed that the NNPC transferred N10.07 trillion to the federation relationship successful the archetypal 8 months of 2025.

The figure, disclosed successful NNPC’s September 2025 monthly report, represents the company’s statutory payments betwixt January and August 2025.

According to provisional information successful the company’s monthly summary, NNPC besides reported N4.27 trillion successful radical gross and N216 cardinal successful nett aft taxation for the period. The results see adjustments to the outgo of income and income tax.

The surge was supported by higher crude prices, improved accumulation levels, and stronger state sales.

According to the report, mean crude lipid and condensate accumulation held dependable astatine 1.61 cardinal barrels a time (bpd) successful September, somewhat beneath August’s 1.64 cardinal bpd.

Production peaked astatine 1.77 cardinal bpd earlier successful the twelvemonth earlier moderating amid attraction astatine the Nigeria LNG works and delayed start-ups astatine Oil Mining Leases (OMLs) 71 and 72.

The authorities vigor steadfast stated that output has been supported by “industry-wide collaboration and accumulation betterment initiatives.” However, challenges persist successful curbing crude theft and vandalism successful the Niger Delta.

Natural state accumulation averaged 6.28 cardinal modular cubic feet per time (scf/d) successful September, down from astir 6.95 cardinal successful August, reflecting impermanent attraction slowdowns. NNPC said advancement connected the Ajaokuta–Kaduna–Kano (AKK) and Obiafu–Obrikom–Oben (OB3) pipelines remains connected track, with the AKK present 88 per cent complete.

Brent crude prices averaged astir $65 a tube during the 3rd quarter, portion Nigeria’s output betterment helped offset weaker refining margins and precocious home organisation costs.

The company, present operating nether the Companies and Allied Matters Act, has emphasised a commercialized turnaround since its incorporation successful 2021, reducing inter-agency leakages and accelerating outgo timelines to the federation.

According to the report, pipeline uptime crossed upstream operations averaged 96 per cent successful September, reflecting less disruptions from sabotage oregon leaks. Security collaborations with the Nigerian subject and section surveillance gro...