The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a shortfall of N459.6 billion in its August 2025 revenue, citing underperformance in oil and gas royalty inflows despite an improvement in crude oil production.
In its submission to the Federation Accounts Allocation Committee (FAAC) for September, the Commission disclosed that it remitted N745.21 billion to the Federation Account in August against a budgeted monthly benchmark of N1.204 trillion. This represented a performance rate of 61.85 percent.
According to the report, collections for the month reflected a 3.05 percent increase from July’s N723.17 billion, driven by what the Commission described as a “revenue drive that led to improvement in almost all the revenue heads.”
However, an analysis of the breakdown showed that royalty payments fell short of projections. While N1.144 trillion had been budgeted from royalties, the Commission realised N682.28 billion, leaving a deficit of N461.89 billion.
“The increase in collection for the month of August 2025 can be attributed to a revenue drive that led to improvement in almost all the revenue heads,” the Commission stated.
Between January and August 2025, NUPRC said it has transferred N5.475 trillion to the Federation Account through the Central Bank of Nigeria. It added that its total performance within the period stood at N7.103 trillion, inclusive of NNPC Limited joint venture and production sharing contract royalty receivables worth N1.050 trillion, as well as Project Gazelle receipts of N730.24 billion from November 2024, which were remitted in January 2025.
Two days earlier, the Commission released data showing that Nigeria’s upstream petroleum sector recorded an average daily production of 1.63 million barrels of crude oil and condensates in August 2025, higher than the 1.58 million barrels per day produced in August 2024.
The Crude Oil and Condensate Production Report for August indicated that crude oil output alone stood at 1.43 million barrels per day, representing a 5.47 percent increase from 1.36 million barrels per day recorded in August 2024. Condensate production, however, fell to 197,229 barrels per day from 220,435 barrels per day in the same period last year.
The report noted that the August crude oil output represented 96 percent of Nigeria’s OPEC quota of 1.5 million barrels per day, which the Commission said “reflects the country’s improving capacity to meet output targets.”
On a month-to-month basis, however, total production dipped by 4.7 percent compared to July’s 1.71 million barrels per day. The Commission attributed the drop to unplanned maintenance at an oil facility.
Production levels in August fluctuated between a low of 1.59 million barrels per day and a peak of 1.85 million barrels per day.
By terminal performance, Forcados Terminal recorded the highest output with 8.99 million barrels, including 8.08 million barrels of crude and 915,200 barrels of condensates.
Bonny Terminal followed with 6.26 million barrels, while Qua Iboe and Escravos Oil Terminals produced 4.99 million barrels and 4.18 million barrels, respectively.
