The Nigerian National Petroleum Company Limited (NNPCL) received ₦318.05 billion between January and August 2025 for frontier basin oil exploration, according to documents from the September Federation Account Allocation Committee (FAAC).
The deductions, representing 30% of Production Sharing Contract (PSC) profits, were mandated under the Petroleum Industry Act (PIA) 2021 to fund exploration in inland basins, including Anambra, Bida, Chad, Benue, Dahomey, and Sokoto. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) manages the Frontier Exploration Fund and in July unveiled its 2025 program, covering seismic surveys, stress-field detection, and drilling activities.
FAAC data showed PSC profits reached ₦1.06 trillion in eight months, short of the ₦1.58 trillion target, but deductions were consistently applied. Monthly allocations to NNPCL ranged from ₦6.83 billion in June to ₦78.94 billion in August. Alongside a parallel 30% deduction for management fees, NNPCL received ₦636.1 billion over the period.