The Energy Policy Advancement Centre (EPAC) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating N5.21 trillion in the first half of 2025.
In a statement on Thursday, Ibrahim Musa, EPAC director-general, described the performance under the leadership of NUPRC chief executive, Gbenga Komolafe, as a demonstration of “strategic revenue management” in the oil and gas sector.
Figures from the commission’s report to the Federation Accounts Allocation Committee (FAAC) show that the January–June 2025 earnings represent 42.7 percent of the record N12.2 trillion generated in the entire 2024 fiscal year.
The inflows came from royalties, gas sales, flared gas penalties, and joint venture proceeds.
Musa said the feat was achieved despite global oil market volatility and domestic production challenges, adding that it strengthens Nigeria’s fiscal position at a time of significant budgetary demands.
“NUPRC has shown that with deliberate strategies and a results-oriented approach, Nigeria can unlock more value from its upstream petroleum sector,” he said.
The report indicated that the commission’s earnings include N1.04 trillion from Nigerian National Petroleum Company Limited (NNPCL) joint venture and production sharing contract royalty receivables, and N315.93 billion from Project Gazelle receipts in January and March 2025.
It also said NNPC’s JV royalty receivables from October 2022 to June 2025 stood at N6.60 trillion.
Musa praised the commission’s debt recovery drive, which yielded $459,226 from outstanding obligations, which is part of a cumulative $1.436 billion owed from crude oil lifting contracts.
“Debt recovery may not attract headlines, but it is the backbone of fiscal discipline,” he said.
The federal government has tasked the commission with raising N15 trillion in 2025 to fund national expenditure.
Musa said the mid-year figure of N5.21 trillion represents 34.7 percent of this target and that the pace of achievement, coupled with arrears recovery and potential production boosts, suggests the goal remains attainable.
He said what sets the current performance apart is the discipline with which it is being pursued, urging other public institutions to emulate the commission’s approach.
“NUPRC has moved beyond passive regulation to active value generation,” he said.
EPAC urged oil companies and agencies to ensure timely payments, compliance with regulations, and support for upstream investments that could further raise output and earnings.