
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a ₦459.6 billion shortfall in revenue for August 2025, falling short of its monthly budgetary projection of ₦1.2 trillion, despite improvements in oil production.
In a report submitted to the Federation Accounts Allocation Committee (FAAC) for September, NUPRC confirmed it remitted ₦745.21 billion to the Federation Account, a 61.85% performance against its August benchmark of ₦1.204 trillion.
The Commission noted that this marked a 3.05% increase from the ₦723.17 billion remitted in July, attributing the modest rise to intensified revenue mobilization efforts across various collection streams.
“Total collection increased by ₦22.04 billion compared to July 2025. The improvement is linked to enhanced revenue drive efforts which yielded results across nearly all revenue heads,” the report stated.
A closer look at the breakdown reveals that the revenue shortfall was largely due to underperforming royalty receipts from oil and gas operations. Although the Commission had projected ₦1.144 trillion in royalty revenues for August, it only realized ₦682.28 billion, leaving a significant gap of ₦461.89 billion.
Despite the underwhelming performance for the month, the Commission noted that it has transferred a cumulative total of ₦5.475 trillion to the Federation Account between January and August 2025, via the Central Bank of Nigeria.
NUPRC further reported its total revenue performance for the period stood at ₦7.103 trillion, which includes:
- ₦1.050 trillion in royalty receivables from NNPC Limited’s Joint Venture (JV) and Production Sharing Contract (PSC) operations
- ₦730.24 billion from Project Gazelle, recorded in November 2024 but received between January and June 2025
In related updates, NUPRC announced a steady improvement in upstream production performance. According to its Crude Oil and Condensate Production Report for August 2025, Nigeria recorded a combined average daily output of 1.63 million barrels per day (bpd), up from 1.58 million bpd in August 2024.
Crude oil alone accounted for 1.43 million bpd, reflecting a 5.47% increase from the 1.36 million bpd produced in the same period last year.
However, condensate production declined to 197,229 bpd compared to 220,435 bpd recorded in August 2024.
The Commission added that Nigeria’s August crude output amounted to 96% of its 1.5 million bpd quota under the Organisation of Petroleum Exporting Countries (OPEC), signaling improved capacity to meet production targets amid ongoing reforms in the sector.