About N1.011 trillion was earned by Nigeria from the oil and gas sector in June 2025, according to data released by the Office of the Accountant General of the Federation (OAGF).
The OAGF, in its July 2025 report to the Federation Account Allocation Committee (FAAC), disclosed that the amount was 3.75 per cent higher than the N974.602 billion recorded in May 2025,
It, however, disclosed that after various deductions, the net earnings from the industry shrank to N466.495 billion, lower than the N631.052 billion recorded in May 2025 by 26.08 per cent.
Giving a breakdown of the country’s earnings from the petroleum industry in June 2025, the OAGF stated that N526.949 billion was from crude oil royalties versus N505.864 billion in the previous month, as earnings from Petroleum Profit Tax (PPT) were N337.044 billion compared with N199.656 billion in the previous month.
The country also earned N67.644 billion from penalties for gas flaring versus N40.683 billion a month earlier, Companies Income Tax (CIT) collected from upstream companies stood at N54.905 billion compared with N143.809 billion, and royalties collected from gas companies stood at N16.729 billion versus N30.843 billion.
Also, royalties from gas sales collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) fetched the country N4.758 billion compared with N314.377 million in May, while miscellaneous oil revenue and rent stood at N1.604 billion and N1.534 billion, respectively, in contrast to N2.928 billion and N1.519 billion, respectively in May.
The federation account did not receive any revenue from gas exports, crude oil exports, while no revenue was remitted to the federation account from gas in June 2025; in comparison, in May 2025, the federation account received N5.096 billion, N43.238 billion, and N652.129 million, respectively.
In terms of deductions associated with the petroleum industry in June 2025, the OAGF noted that N10.087 billion was paid out as 13 per cent derivation in respect of the Nigerian National Petroleum Company (NNPC) Limited management fee and frontier exploration fund for the year 2024, as against N9.511 billion in May.
Also N18.163 billion was deducted from the country’s gross oil earnings being 13 per cent refund on fuel subsidy, priority projects and Police Trust Fund (PTF) in June 2025, same as the amount recorded in the previous month; while N25 billion was spent by the National Executive Council (NEC) Ad-Hoc Committee on crude oil theft prevention and control, with no amount recorded on the item in the previous month.
NUPRC received N25.239 billion in June 2025, being amount for four per cent collection fee, compared with N24.605 billion in May 2025; transfer to the Midstream Gas Infrastructure Fund from gas flare penalty stood at N66.181 billion, compared with N41.273 billion in May 2025; while 13 per cent derivation refund on withdrawals from joint venture contract stood at N100 billion, as against the same amount in the previous month.
In addition, N300 billion was refunded to oil producing states from the month’s oil earnings from the 13 per cent Nigerian Liquefied Natural Gas refund, as against N150 billion recorded in May 2025.