Record-Breaker: NUPRC Sets New ₦5.21 Trillion Revenue Milestone

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a revenue haul of ₦5.21 trillion between January and June 2025—representing 34.7% of the ₦15 trillion target set by the Federal Government for the year.....KINDLY READ THE FULL STORY HERE▶

According to the commission, the figure includes ₦1.04 trillion in Nigerian National Petroleum Company Ltd (NNPCL) joint venture and PSC royalty receivables for the first half of 2025, as well as ₦315.93 billion from Project Gazelle receipts covering November 2024 (remitted in January 2025) and the first quarter of 2025.

The Energy Policy Advancement Centre (EPAC) hailed the achievement as a testament to strategic revenue management in Nigeria’s oil and gas sector. In a statement signed by its Director-General, Dr. Ibrahim Musa, EPAC noted that the mid-year performance under NUPRC Chief Executive Gbenga Komolafe reflects foresight, accountability, and determination in regulation.

Figures submitted to the Federation Accounts Allocation Committee (FAAC) show that the January–June 2025 earnings amount to 42.7% of the record ₦12.2 trillion generated in all of 2024, with inflows from royalties, gas sales, flared gas penalties, and joint venture proceeds.

Despite global oil market volatility and domestic production challenges, EPAC stressed that the performance strengthens Nigeria’s fiscal position at a time of intense budgetary pressure. It also highlighted that NNPCL’s JV royalty receivables from October 2022 to June 2025 totaled ₦6.60 trillion, underscoring the cumulative impact of delayed remittances.

Musa further praised the NUPRC’s debt recovery drive, which secured $459,226 from outstanding obligations—part of a $1.436 billion debt from crude oil lifting contracts—through rigorous reconciliation between NNPCL and FAAC, coordinated by the Alignment Committee’s Technical Sub-Committee.

For 2025, the Federal Government expects NUPRC to generate ₦15 trillion. EPAC believes the commission’s current pace, coupled with arrears recovery and potential production boosts, keeps the target within reach.

“NUPRC has shifted from passive regulation to active value creation,” Musa said, urging oil companies and relevant agencies to ensure timely payments, regulatory compliance, and support for upstream investments. “With collective effort, the ₦15 trillion target can not only be met but surpassed.”