The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) missed its revenue target for August 2025, falling short by ₦459.6 billion, even as crude oil production inched higher.
In its submission to the Federation Accounts Allocation Committee (FAAC), the regulator said it remitted ₦745.21 billion to the Federation Account in August, well below the ₦1.204 trillion monthly benchmark. This left the overall performance at 61.85 percent.
Mixed Revenue Picture
The Commission noted that its collections improved by 3.05 percent compared to July’s ₦723.17 billion, attributing the rise to stronger receipts across most income streams. However, royalty payments underperformed sharply. Against a target of ₦1.144 trillion, actual royalties stood at ₦682.28 billion, leaving a gap of ₦461.89 billion.
Cumulatively, between January and August 2025, NUPRC reported that it had transferred ₦5.475 trillion to the Federation Account through the Central Bank of Nigeria. It also highlighted additional inflows that lifted total performance for the period to ₦7.103 trillion. These included ₦1.050 trillion in joint venture and production-sharing contract royalties from NNPC Limited, as well as ₦730.24 billion in Project Gazelle receipts originally due in November 2024 but remitted in January 2025.
Production Trends
Alongside the revenue update, NUPRC released output figures showing Nigeria produced an average of 1.63 million barrels per day (mbpd) of crude oil and condensates in August 2025, compared with 1.58 mbpd in August 2024.
Crude oil alone accounted for 1.43 mbpd, representing a 5.47 percent year-on-year increase, while condensate volumes declined to 197,229 barrels per day from 220,435 barrels in the same period last year.
The Commission said crude output represented 96 percent of Nigeria’s OPEC quota of 1.5 mbpd, pointing to “a gradual recovery in meeting production targets.” On a month-to-month basis, however, total volumes slipped 4.7 percent from July’s 1.71 mbpd, largely due to unplanned maintenance at one facility.
Terminal Output
Forcados Terminal led production in August with 8.99 million barrels, comprising 8.08 million barrels of crude and 915,200 barrels of condensates. Bonny Terminal followed with 6.26 million barrels, while Qua Iboe and Escravos recorded 4.99 million barrels and 4.18 million barrels respectively.