Michael Eboh
Dublin, Ireland — Nigeria’s revenue from the oil and gas industry grew by 10.89 per cent to N2.067 trillion in August 2025, compared with N1.864 trillion recorded in July 2025, according to the latest report by the Federation Account Allocation Committee (FAAC).
The FAAC report noted that the amount earned from the oil and gas industry in August 2025 was 2.02 per cent higher than the budgeted amount of N2.026 trillion.
Giving a breakdown of earnings from the oil and gas industry in August 2025, the revenue allocation committee stated that the country earned N90.98 billion from crude oil sales, compared with N13.319 billion in July 2025; while revenue from gas sales stood at N14.269 billion in August 2025, compared with N14.198 billion in July.
In the month under review, revenue from crude oil royalties stood at N580.574 billion, dropping by 8.59 per cent compared with oil royalties of N635.164 billion recorded in the previous month.
Earnings from miscellaneous oil revenue stood at N1.246 billion in August 2025, rising from N851.669 million in July 2025; while revenue from gas royalties stood at N20.911 billion, compared with N23.037 billion in July 2025.
The country earned N58.234 billion from gas flare penalties in August 2025, up from N53.107 billion recorded in July; while revenue from companies’ income tax from upstream oil industry operators stood at N364.829 billion, compared with N3.993 billion in July 2025.
Furthermore, the FAAC report highlighted that earnings from Petroleum Profit Tax (PPT) grew to N272.237 billion in August 2025, from N203.717 billion in July 2025; revenue from rentals stood at N1.568 billion, dropping from N3.378 billion in July 2025; while earnings from taxes dropped to N641.682 billion from N913.153 billion in July.
From the earnings, the FAAC report revealed that N6.589 billion was deducted with respect to the Nigerian National Petroleum Corporation Limited’s (NNPCL) 13 per cent management fee and frontier exploration fund; while N18.163 billion was deducted for 13 per cent refund on subsidy, priority projects and Police Trust Fund from 1999 to 2021.
In addition, N25 billion was allocated to the National Executive Council Ad-Hoc Committee on Crude Oil Theft Prevention and Control in the month under review; while N29.808 billion was received by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), being four per cent cost of collection.
Also, the Federation Account Allocation Committee (FAAC) said that N57.044 billion was transferred to the Midstream and Downstream Gas Infrastructure Fund from gas flared penalties; while N100 billion and N150 billion was allocated for 13 per cent derivation refund on withdrawals from joint venture cash call, and 13 per cent Nigerian Liquefied Natural Gas (NLNG) refund to oil-producing states, respectively.
