Komolafe Applauded as NUPRC Revenue Climbs to N8.79trn in 10 Months
- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has broken a new record
- The commission disclosed that it recorded about N8.79 trillion in revenue between January and October 2025
- According to figures made available by FAAC, the upstream regulator delivered the amount in the first 10 months of this year
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh figures from the Federation Account Allocation Committee show that the Nigerian Upstream Petroleum Regulatory Commission has delivered N8.79 trillion in revenue between January and October 2025.
The latest reports also indicate that October alone brought in N873.10 billion, marking a notable rise from the previous month.
The increase is linked to stronger royalty enforcement, better reconciliation of records and closer oversight of upstream activities.
Source: Facebook
A close look at NUPRC's October’s numbers
The FAAC documents highlight several key sources of inflows. They include more than N1.02 trillion in outstanding royalties from NNPC’s Joint Venture and Production Sharing Contract operations, along with N835.69 billion tied to Project Gazelle.
The commission also confirmed that it resolved long-standing debts after receiving presidential approval to wipe inherited NNPC arrears as of December 2024.
This step cleared $1.42 billion and N5.57 trillion from old obligations that had slowed previous reconciliation efforts.
Although October’s performance was strong, it still came to 72.47 percent of the monthly budget target of N1.204 trillion.
According to reports, this shortfall reflects the same issues that have challenged the sector for years such as low production, infrastructure weaknesses, crude theft and global price swings.
Still, the commission posted impressive figures across key revenue lines. This includes N807.08 billion in oil and gas royalties, rental income rising by 65 percent, and gas flare penalties exceeding expectations at 105.52 percent.
Analysts say NUPRC controls are driving results
Public affairs analyst and former National Assembly adviser, Dr. Ifeanyi Okonkwo, described the numbers as proof of a more disciplined regulatory culture.
He noted that the commission has strengthened its internal controls, improved reconciliation processes and closed loopholes that once weakened collections.
To him, the consistency in remittances despite production volatility suggests that the regulator has become more deliberate and confident in enforcing the rules.
Energy economist, Dr. Hauwa Ibrahim, said the figures stand out in what has been a turbulent year for the global energy market.
She pointed out that stronger compliance systems are stabilizing the upstream space even as production remains fragile.
According to her, the commission’s clearer processes and predictable enforcement are helping to reinforce confidence across the value chain.
NUPRC clearing old debts restored credibility
For petroleum engineer, Engr. Mike Osamudiamen, the decision to resolve inherited NNPC debts was one of the most significant steps taken this year. He explained that unresolved receivables and unclear accounting had long clouded Nigeria’s upstream fiscal environment.
By addressing these issues and bringing clarity to the books, the commission has improved credibility for both government and industry stakeholders.
He added that keeping this momentum will require sustained oversight, accurate measurement systems and strict royalty compliance.
NUPRC becoming more assertive
Across the board, analysts agree that the results point to a regulator that is growing more assertive and aligned with the goals of the Petroleum Industry Act.
They credit the leadership of Engr. Gbenga Komolafe for steering the commission toward a more transparent, disciplined and stable framework that supports national revenue growth.
Source: Twitter
Recently, the NUPRC announced the bid openings for 50 oil and gas blocks to foreign and local investors.
The commission disclosed that it is targeting over $10 billion from the sales this month.
Global watchdog applauds NUPRC’s $10bn licensing round
Legit.ng earlier reported that a United Kingdom–based energy watchdog, the Global Energy Transparency Initiative (GETI), has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Engr. Gbenga Komolafe, for setting a new global benchmark in open and investor-friendly oil licensing administration.
GETI said the launch of the 2025 Licensing Round Portal demonstrates a shift toward world-class transparency and digitalisation in the Nigerian upstream sector.
In a statement issued by its Executive Director, Dr. Jonathan Whitfield, the group described the unveiling of the licensing round, covering 50 oil and gas blocks, as a major step in aligning Nigeria’s petroleum governance with global standards.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
