THE Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, raked in N5.21tn from the sale of crude oil, gas and other economic activities in the first six months of 2025. It said the revenue inflow represents 42.7 per cent of the record N12.2tn it generated in the entire 2024 fiscal year.
The figure, however, represents only 34.7 per cent of the N15tn revenue target set by the Federal Government for the commission to meet to implement the 2025 budget. The revenue was derived from royalties, gas sales, flared gas penalties, and joint venture proceeds.
Revenue inflow obtained from the commission’s latest report submitted at the Federation Accounts Allocation Committee meeting document revealed that the January to June 2025 earnings include payments from Nigerian National Petroleum Company Limited joint venture and production sharing contract royalty receivables totalling N1.04tn for the period.
Also included is N315.93bn from the controversial Project Gazelle receipts for January and March 2025, with no inflows recorded in December 2024, February, April, May, and June 2025.