The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a substantial increase in revenue remittances to the Federation Account, collecting a total of 8.79 trillion naira between January and October 2025. A briefing note from the Commission highlighted that October 2025 alone saw revenue inflows rise to 873.10 billion naira, a 17.67 % increase over the previous month. These revenues comprised royalty collections, gas‑flare penalties, rentals and miscellaneous oil revenues.
The performance figures for January–October 2025 include NNPC Ltd JV and PSC (Production Sharing Contract) royalty receivables of 1.02 trillion naira and the Project Gazelle receipt of 835.69 billion naira for November 2024. The NUPRC also noted that there were no Project Gazelle receivables due for December 2024, February, August, September and October 2025.
At the October 2025 FAAC meeting, the outstanding obligations of NNPC were reported as $1.48 billion for oil liftings and 6.33 trillion naira for royalty receivables. However, Presidential approval was obtained to “nil off” the outstanding obligations as of 31 December 2024, reducing them to $1.42 billion and 5.57 trillion naira. The Commission has recorded the corresponding accounting entries as approved.
From January to October 2025, the statutory obligations of NNPC amounted to $56.81 million and 1.02 trillion naira for PSC and MCA liftings and JV royalty receivables, respectively. During the month under review, the Commission received $55 million of the outstanding balance, leaving $1.80 million and 1.02 trillion naira still due. This amount forms part of the total collection reported for sharing by the federation in November.
Despite the overall increase, collections fell short of the approved monthly budget, primarily because of fluctuations in crude‑oil prices and a noticeable drop in crude‑oil production. The NUPRC attributed the shortfall to these factors, which have repeatedly impacted government revenue projections in 2025. For gas‑flare penalties, the Commission collected 61.70 billion naira, representing 105.52 % of the monthly target. Oil and gas royalties for October stood at 807.08 billion naira, or 70.54 % of the monthly budget for that category. The marked recovery in royalty inflows is a positive development, even though it remains below target.
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