Picnews
The Nigerian National Petroleum Company (NNPC) Limited has reported making statutory payments totaling N10.07 trillion between January and August 2024, despite failing to remit FAAC dividends. According to the company’s Monthly Report Summary for September 2025, NNPC generated revenue of N4.26 trillion in September, down 8.39% from N4.65 trillion in August. The company also posted a profit after tax of N216 billion for September, a significant decrease from N539 billion in August.
In terms of production, crude oil and condensate averaged 1.61 million barrels per day in September, slightly down from 1.65 million barrels per day in August. Natural gas output was 6.28 million standard cubic feet daily, down from 6.94 million scfd. The company attributed the production decline to planned maintenance activities and delays in oil mining lease operations.
NNPC’s statutory payments include revenue sharing with stakeholders, taxes, and other government levies. However, the company has been criticized for its failure to remit FAAC dividends, with Agora Policy estimating that NNPC owes N2.44 trillion in interim dividends for nine months. The company’s financial performance has raised concerns about its revenue allocation and payment of dividends to the government.
The NNPC’s financial reports have sparked debate about the company’s financial management and its impact on the nation’s economy. Many Nigerians are questioning the company’s ability to manage the nation’s oil resources and ensure that revenue is properly accounted for. The failure to remit FAAC dividends has also raised concerns about the company’s commitment to transparency and accountability.
