The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a N5.2 trillion revenue, generated from January to June 2025. This is 34.7% of the N15 trillion revenue target set by the Federal Government for the Commission.
The total sum, according to the Commission, is inclusive of Nigerian National Petroleum Company Ltd Jonit venture & PSC Royalty receivables of N1.04 trillion for the period of January to June 2025 and project gazelle receipt of N315.93 billion for November 2024 (received in January 2025), January and March 2025.
According to the Commission’s Report submitted at the Federation Accounts Allocation Committee meeting in July, there were no receipts due for December 2024, February, April, May and June 2025 for Project Gazelle Royalty.
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In addition, total NNPC Ltd JV royalty receivable from October 2022 to June 2025 amounted to N6.604 trillion.
“The Commission’s performance from January to June 2025 is N5.210.934.916.965.91, which is inclusive of NNPC Ltd JV & PSC Royalty Receivables of N1,040,177,187,508.49 for the period of January to June 2025 and Project Gazelle receipt of N315,932,536,788.62 for November 2024 (received in January 2025), January and March 2025.
“Please note that there were no receipts due for December 2024, February, April, May and June 2025 for Project Gazelle Royalty, In addition, total NNPC Ltd JV Royally receivable from October 2022 to June 2025 amounted to N6,604,049,745,839.24,” it stated.
On recoveries from outstanding obligations, the commission confirmed receipt of $459,226 in the month under review from the cumulative outstanding amount of $1.43 billion expected from crude oil liftings, leaving a balance of $1.435 billion.
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The Commission also noted that the recovered sum was part of the revenue-sharing reconciliation between NNPCL and the Federation, overseen by the Technical Sub-Committee of the Alignment Committee on the Reconciliation of Indebtedness.
The document showed that the Commission transferred a total of N630.964 billion to the Federation Account in June 2025 while the total amount transferred to the Federation Account by CBN from January to June 2025 is NGN4 trillion.