The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), earned N5.21 trillion from crude oil, gas, and related activities between January and June 2025. This marks 42.7% of the total N12.2 trillion revenue recorded for the entire 2024 fiscal year.
However, the half-year figure represents just 34.7% of the N15 trillion target set for 2025, which is crucial for funding the national budget.
The revenue breakdown includes royalties, gas sales, penalties for gas flaring, and proceeds from joint ventures. Notably, N1.04 trillion came from NNPC joint ventures and production sharing contract royalties.
The report, presented at the Federation Accounts Allocation Committee (FAAC) meeting, also noted that N315.93 billion was generated from the contentious Project Gazelle in January and March, with no recorded inflows in the other months of H1 2025.
