Michael Eboh
Dublin, Ireland — Nigeria’s total earnings from the petroleum industry declined by 6.56 per cent to N1.396 trillion at the end of October 2025, compared with N1.31 trillion recorded at the end of September 2025, latest data from the Federation Account Allocation Committee (FAAC), have revealed.
According to the report presented to FAAC by the Central Bank of Nigeria (CBN), the country’s revenue from the petroleum industry in October 2025 represented 94.71 per cent of the N1.474 trillion budgeted for the sector in the month.
In its breakdown of revenue from the oil and gas industry in October 2025, the CBN reported that the country earned N7.493 billion from crude oil sales, dropping sharply by 92.51 per cent, from N100.105 billion recorded in September 2025; while revenue from gas sales declined by 36.49 per cent to N5.802 billion in October 2025, as against N9.135 billion in September 2025.
The central bank further stated that revenue from crude oil royalties stood at N790.086 billion in October, rising by 23.44 per cent compared with N640.056 billion recorded from the same revenue item in September 2025.
In addition, it stated that miscellaneous oil revenue dropped to N447.279 million in October 2025, from N4.77 billion recorded in the previous month; while royalties from gas rose by 19.07 per cent to N15.195 billion in October, from N18.776 billion recorded in September 2025.
The banking sector regulator further stated that the country earned N61.898 billion from gas flare penalties in October 2025, down from N69.082 billion recorded in the previous month; while revenue from companies’ income tax (CIT) from upstream oil industry operators stood at N73.025 billion in October 2025, compared with N19.299 billion recorded the previous month.
The CBN also reported that revenue from Petroleum Profit Tax (PPT) stood at N242.621 billion; rentals – N3.197 billion, while taxes stood at N196.277 billion in October 2025; as against N283.214 billion, N2.946 billion and N162.434 billion, respectively, in September 2025.
Furthermore, the CBN noted that from the country’s oil earnings in October, N18.163 billion was deducted for 13 per cent refund on subsidy, priority projects and Police Trust Fund from 1999 to 2021; while N21.48 billion was deducted by the Nigerian National Petroleum Corporation Limited (NNPCL), in respect of its 13 per cent management fee and frontier exploration fund.
It added that N34.924 billion was deducted and collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October 2025, being four per cent cost of collection; while N59.422 billion was transferred to the Midstream and Downstream Gas Infrastructure Fund from gas flare penalties in the same month.
