The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) emerged as the highest among agencies in revenue remittances into the federation account in October 2025.
According to data obtained from the Federation Accounts Allocation Committee (FAAC), out of a total of N2.93 trillion revenue remitted by seven agencies, NUPRC remitted N873.11 billion. This represents 29.8 per cent of the total figure. The second-highest contributor is Value Added Tax (VAT), which remitted N719.83 billion.
This is followed by the Federal Inland Revenue Service (FIRS – non-oil), which remitted N519.15 billion; the Nigeria Customs Service (NCS) – N370.28 billion; and the Federal Inland Revenue Service (FIRS – oil), N315.65 billion.
Others are the Electronic Money Transfer Levy (EMTL), N49.87 billion, and the Nigerian National Petroleum Corporation Limited (NNPCL), N14.73 billion.
The NUPRC’s October remittance reflects a 17.67 per cent increase compared to the N741.99 billion remitted in September 2025, signalling improved operational performance despite persistent crude oil market volatility.
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The figure brings the upstream regulator’s total remittance to the Federation Account from January to October to N8.79 trillion.
“The commission’s performance from January to October 2025 is N8,795,528,705,538.82, which is inclusive of NNPC Ltd JV & PSC (Production Sharing Contract) Royalty Receivables of N1,021,550,672,578.87 for the period of January to October 2025 and Project Gazelle receipt of N835,689,852,435.38 for November 2024,” a FAAC document showed.
NUPRC October Revenue falls short of Budget target
Despite the month-on-month revenue increase, the N873.11 billion still fell below the budget target of N1.204 trillion.
This means actual collections amounted to 72.47 per cent, leaving a shortfall of N331.70 billion.
Explaining the reason for the shortfall, NUPRC said it was due to fluctuations in crude oil prices and a noticeable drop in crude oil production.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
