The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has remitted ₦8.79 trillion to the Federation Account between January and October this year.
A briefing note by the Commission revealed that October 2025 saw a notable surge in inflows, with ₦873,104,663,972.70 remitted to the Federation Account.
The figures were also presented during the November Federation Account Allocation Committee (FAAC) meeting.
This reflected a 17.67 percent rise from the ₦741.99 billion recorded in September 2025.
The revenue sources included royalty collections, gas flare penalties, rentals and other miscellaneous oil-related payments for the period under review.
According to the FAAC document, “The commission’s performance from January to October 2025 is ₦8,795,528,705,538.82, which is inclusive of NNPC Ltd JV & PSC (Production Sharing Contract) Royalty Receivables of ₦1,021,550,672,578.87 for the period of January to October 2025 and Project Gazelle receipt of ₦835,689,852,435.38 for November 2024…”
The Commission also clarified that no receivables were due for December 2024, February, August, September, and October 2025 under Project Gazelle.
The document further showed that NNPC’s outstanding obligations reported at the October 2025 FAAC meeting amounted to $1,480,610,652.58 and ₦6,332,884,316,237.13 for oil liftings and royalty receivables.
However, the Commission stated that it recently secured Presidential Approval to ‘nil off’ NNPC’s outstanding obligations as of December 31, 2024, based on the stakeholder alignment committee’s reconciliation report.
Out of $1,480,610,652.58 and ₦6,332,884,316,237.13, the obligations that have been ‘nil off’ are $1,421,727,723.00 and ₦5,573,895,769,388.45. “The commission has passed the appropriate accounting entries as approved,” the document noted.
The FAAC report listed NNPC’s statutory obligations from January to October 2025 as $56,808,752.32 and ₦1,021,550,672,578.87 for PSC and MCA (Modified Carry Agreement) liftings and JV royalty receivables.
The Commission confirmed receiving $55,003,997.00 from the outstanding amount in the month under review, leaving a balance of $1,804,755.32 and ₦1,021,550,672,578.87. It added that the $55.003.997.00 formed part of the total revenue available for sharing in November.
The document noted that total collections still fell short of the approved monthly target. With a projected revenue of ₦1.204 trillion, actual collections represented 72.47 per cent, resulting in a shortfall of ₦331.70 billion.
NUPRC attributed the deficit to unstable crude oil prices and declining crude oil output, challenges that have consistently affected government revenue expectations in 2025.
The Commission also reported gas flare penalty collections of ₦61.70 billion, amounting to 105.52 percent of the monthly projection and showing a slight increase compared to the previous month.
Oil and gas royalties for October were ₦807.08 billion, achieving 70.54 per cent of the monthly target. Although below expectation, this was a rise of ₦143.28 billion from September’s ₦663.80 billion, signaling a strong rebound in royalty inflows.
What you should know
NUPRC’s report highlights mixed revenue performance, with strong royalty gains in October but overall collections still below projections due to unstable oil prices and reduced output.
The decision to ‘nil off’ major NNPC obligations also significantly reshaped the remittance figures presented for the period under review.
