Michael Eboh
Dublin, Ireland — Nigeria’s earnings from the oil and the gas industry dipped by 2.36 per cent to N987.178 billion in July 2025, compared with N1.011 trillion recorded in June 2025, according to latest fiscal data released by the Federation Account Allocation Committee (FAAC).
According to July 2025 revenue data published by the Office of the Accountant General of the Federation (OAGF), after various deductions from the total oil and gas sector receipts in the month under review, net earnings from the sector stood at N462.329 billion, dropping by 0.89 per cent compared with N466.495 billion recorded in June 2025.
Providing a breakdown of the country’s receipts from the petroleum industry in July 2025, the OAGF reported that N621.672 billion was received from crude oil royalties, as against N526.949 billion in the previous month; while earnings from Petroleum Profit Tax (PPT) stood at N239.412 billion, as against N337.044 billion in the previous month.
In addition, the OAGF disclosed that the country earned N51.979 billion from gas flare penalties in the month under review, as against N67.644 billion for the same item in June 2025; while royalties from gas stood at N22.548 billion, compared with N16.729 billion in June 2025.
Furthermore, receipts from gas exports and crude oil exports in the month under review stood at N20.697 billion and N14.216 billion, respectively, with zero receipts on both gas exports and crude oil exports in June 2025.
The OAGF added that royalties collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for gas sales in July 2025 stood at N6.615 billion, an improvement from the N4.758 billion collected in June 2025, while Company Income Tax (CIT) collected from upstream companies stood at N3.908 billion, dropping from N54.905 billion recorded in the previous month.
The country earned N3.306 billion from rent collected in the petroleum industry in July 2025, as against N1.534 billion in June; while miscellaneous oil revenue dropped to N1.539 billion, from N1.604 billion in June 2025.
The OAGF added that gas revenue to the federation account stood at N977.211 million in the month under review, compared with zero revenue from the same source in June 2025; while Royalty collected by the NUPRC stood at N309.599 million, against zero revenue from NUPRC royalty in the previous month.
In the aspect of deductions associated with the petroleum industry in July 2025, the OAGF noted that N1.776 billion was paid out as 13 per cent derivation in respect of the Nigerian National Petroleum Corporation Limited (NNPCL) management fee and frontier exploration fund for the year 2024, as against N10.087 billion in May.
In addition, 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 July 2025, same as the amount recorded in the previous month; while N25 billion was deducted by the National Executive Council (NEC) Ad-Hoc Committee on crude oil theft prevention and control, same as the amount recorded on the item in the previous month.
NUPRC deducted N28.927 billion in July 2025, being amount for four per cent collection fee, compared with N25.239 billion in June 2025; transfer to the Midstream and Downstream Gas Infrastructure Fund from gas flare penalty stood at N50.983 billion, compared with N66.181 billion in June 2025.
Also, deductions from the 13 per cent derivation refund on withdrawals from joint venture contract account stood at N100 billion, as against the same amount in the previous month; while N300 billion was refunded to oil producing states from the month’s oil earnings from the 13 per cent Nigerian Liquefied Natural Gas refund, same as the amount recorded in June 2025.
