Economy
NUPRC Blames PENGASSAN for Oil Production Decline in September
By Adedapo Adesanya
The decline in crude oil production recorded by Nigeria in September 2025 has been attributed to the short industrial action embarked upon by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Crude oil and condensates production for the month of September 2025 fell to an average of 1.581 million barrels per day.
In a statement on Saturday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) blamed oil workers’ strike for the decline despite it being a 1.6 per cent year-on-year growth.
The 1.581 million barrels per day average production in September comprises 1.39 million barrels per day of crude oil and 191,373 barrels per day of condensate.
PENGASSAN carried out a three-day industrial action, shutting down some production and export facilities.
Recall that the chief executive of the Nigerian National Petroleum Company (NNPC), Mr Bashir Ojulari, claimed that the country lost around 200,000 barrels of crude production over the course of the industrial action.
On its part, the NUPRC also noted that two strategic facilities had a scheduled turnaround maintenance which led to a reduction in overall production.
In September, the industry recorded total crude oil and condensate production of 47.43 million barrels which reflects a modest 1.61 per cent year-on-year increase in average daily crude oil and condensate production year on year.
This is a slight improvement over the 1.55 million barrels per day recorded in the same month of 2024, an uptick that suggests incremental progress.
However, when measured on a month-on-month basis, crude oil and condensate production slightly dropped by 3.09 per cent in September 2025, compared to the 1.63 million barrels per day recorded in August 2025.
Despite the glitches experienced during the period, average crude oil production in September stood at 93 per cent of the OPEC quota of 1.5 million barrels per day.
During the review month, peak combined crude oil and condensate production hit 1.81 million barrels per day, while the lowest was 1.35 million barrels per day.
Analysis of production by the top eight streams shows Forcados Blend accounted for 15.86 per cent of total production, while Bonny Light accounted for 13.31 per cent of September production.
Qua Iboe was third accounting for 9.88 per cent; Escravos Light contributed 8.96 per cent, while Bonga Crude delivered 6.83 per cent of production in the review month.
Agbami Condensate accounted for 4.94 per cent; Erha Crude accounted for 4.55 per cent, while Amenam Blend accounted for 4 2 per cent of production.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
