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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has remitted ₦8.79 trillion to the Federation Account between January and October 2025.
A briefing note from the Commission showed a sharp rise in October 2025 inflows, with ₦873,104,663,972.70 paid into the Federation Account.
The figure, presented at the November FAAC meeting, represented a 17.67 per cent increase on the ₦741.99 billion recorded in September 2025.
The revenue was generated from royalties, gas-flare penalties, rentals, and various oil-related receipts for the period under review.
The FAAC report indicated that the Commission’s total performance from January to October 2025 stood at ₦8,795,528,705,538.82. This includes NNPC Ltd JV and PSC royalty receivables amounting to ₦1,021,550,672,578.87 and Project Gazelle receipts totalling ₦835,689,852,435.38 for November 2024.
The Commission clarified that no funds were due under Project Gazelle for December 2024 or for February, August, September, and October 2025.
According to the document, NNPC’s outstanding obligations as reported at the October 2025 FAAC meeting were $1,480,610,652.58 and ₦6,332,884,316,237.13 for oil liftings and royalty receivables.
However, the Commission noted that it had recently obtained Presidential Approval to write off NNPC’s outstanding obligations as of 31 December 2024, based on the recommendations of the reconciliation committee.
Out of the original $1.48 billion and ₦6.33 trillion owed, the amounts written off were $1,421,727,723.00 and ₦5,573,895,769,388.45. The Commission confirmed that it had made the correct accounting entries following the approval.
The FAAC report also showed that NNPC still owed $56,808,752.32 and ₦1,021,550,672,578.87 for PSC/MCA liftings and JV royalty receivables for January to October 2025.
The Commission received $55,003,997.00 during the month under review, leaving balances of $1,804,755.32 and ₦1,021,550,672,578.87. The funds received formed part of the revenues shared in November.
Despite these inflows, collections remained below the approved monthly budget. Against a target of ₦1.204 trillion, actual revenue amounted to 72.47 per cent, creating a shortfall of ₦331.70 billion.
NUPRC attributed the deficit mainly to volatile crude oil prices and declining production, challenges that have repeatedly disrupted revenue projections in 2025.
For gas flare penalties, the Commission collected ₦61.70 billion, achieving 105.52 per cent of the monthly target and recording a slight month-on-month rise.
Oil and gas royalties for October stood at ₦807.08 billion, representing 70.54 per cent of the monthly budget.
Although still below target, this figure marks a notable recovery of ₦143.28 billion compared with the ₦663.80 billion collected in September.
