Victor EzejaThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recorded 34.7 per cent of its 2025 revenue target in the first half of the year (January–June 2025), generating ₦5.21 trillion from crude oil, gas sales, and related activities.
This falls short of the proportional mid-year benchmark needed to meet its ambitious ₦15 trillion annual target set to fund the 2025 budget.
Join our WhatsApp ChannelAccording to the Commission, the total amount includes the Nigerian National Petroleum Company Limited (NNPCL) Joint venture & PSC Royalty receivables of ₦1.04 trillion for January to June 2025, as well as ₦315.93 billion in project gazelle receipts for November 2024 (received in January 2025), January, and March 2025.
This was revealed in the NUPRC’s Report submitted at the Federation Accounts Allocation Committee meeting in July.
The revenue sources included royalties, joint venture proceeds, and gas flare penalties.
“The Commission’s performance from January to June 2025 is ₦5.210.934.916.965.91, which is inclusive of NNPC Ltd JV & PSC Royalty Receivables of N1,040,177,187,508.49 for the period of January to June 2025 and Project Gazelle receipt of ₦315,932,536,788.62 for November 2024 (received in January 2025), January and March 2025,” part of the report read.
The Commission stated that there were no receipts due for December 2024, February, April, May and June 2025 for Project Gazelle Royalty.
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- It added that the total NNPC Ltd JV Royalty receivable from October 2022 to June 2025 amounted to ₦6.604 trillion.
Regarding recoveries from unpaid obligations, the commission stated that $459,226 was received during the period under review out of the $1.43 billion total outstanding amount expected from crude oil liftings, leaving $1.435 billion remaining.
According to the NUPRC, the recovered amount was a component of the revenue-sharing reconciliation between the Federation and NNPCL, which is being supervised by the Alignment Committee on the Reconciliation of Indebtedness’s Technical Sub-Committee.
The mid-year performance suggests the target may be missed unless oil production output increases and arrears are cleared faster.
Comparison with 202 Revenue Record
The 2024 revenue was a record ₦12.25 trillion (exceeding targets by 163 per cent), driven by stricter enforcement of royalties and penalties. However, 2025’s target is 22.5 per cent higher, raising concerns about sustainability.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
