The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has paid N6.215 trillion into the Federation Account from January through September 2025, even though oil production and prices have been erratic. The sum “transferred in September 2025 alone was N741.99 billion, representing 61.59 per cent of the commission’s approved monthly revenue budget.” But “this performance was due to fluctuation in the crude oil price and shortfall in crude oil production.”
September’s transfers dipped slightly compared to August, but overall the nine-month total remains strong. Including receivables and pending royalties, NUPRC’s broader performance stood at N7.554 trillion. These funds are vital, making up about 11.4 per cent of Nigeria’s 2025 national budget. The revenue supports infrastructure, social programs, and government operations across all levels — federal, state, and local.
Meanwhile, a lingering issue is under-remittances by the Nigerian National Petroleum Company (NNPC). NNPC has submitted a response on alleged discrepancies totaling US$42.3 billion, which is under review by FAAC’s ad-committee. Also being scrutinized is use of the 30 percent Frontier Exploration Fund, an allocation from NNPC profits meant to boost oil and gas exploration. The committee is examining how the fund has been managed since 1999, asking NNPC for project details both before and after the Petroleum Industry Act of 2021.
In sum, despite industry volatility, the NUPRC continues to deliver substantial revenue to the national coffers. The challenge now is ensuring full accountability, reconciling outstanding payments, and confirming that extra funds like the exploration fund truly serve national development.
