1 month ago
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By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a gross shortfall of N459.6 cardinal against its August 2025 budgetary people of N1.2 trillion, aft remitting N745 cardinal to the Federation Account.
In its study to the Federation Accounts Allocation Committee (FAAC) for September 2025, the Commission disclosed that its gross postulation stood astatine N745.21 cardinal successful August, representing a 61.85 percent show against the monthly fund benchmark of N1.204 trillion.
On a month-on-month basis, the remittance reflected a 3.05 percent summation from N723.17 cardinal recorded successful July.
“Total postulation accrued by N22.04 cardinal equivalent to 3.05 percent erstwhile compared with July 2025. The summation successful postulation for the period of August 2025 tin beryllium attributed to a gross thrust that led to betterment successful astir each the gross heads,” the study noted.
An investigation of the submission, however, showed that the underperformance was driven mostly by mediocre royalty inflows from lipid and gas. While the monthly fund projected N1.144 trillion from royalties, lone N682.28 cardinal was realised successful August, leaving a spread of N461.89 billion.
So far, NUPRC said it has transferred N5.475 trillion done the Central Bank of Nigeria to the Federation Account betwixt January and August 2025.
It added: “The Commission’s show from January to August 2025 is N7.103 trillion, inclusive of NNPC Limited JV and PSC royalty receivables of N1.050 trillion for the period, arsenic good arsenic Project Gazelle receipts of N730.24 cardinal for November 2024 (received successful January 2025), and from January, March to June 2025.”
Two days earlier, NUPRC reported that Nigeria’s upstream petroleum assemblage recorded an mean regular accumulation of 1.63 cardinal barrels of crude lipid and condensates successful August 2025, up from 1.58 cardinal barrels per time (bopd) successful August 2024.
The Commission’s Crude Oil and Condensate Production Report for August 2025 indicated that crude lipid output stood astatine 1.43 cardinal bopd, a 5.47 percent summation from 1.36 cardinal bopd produced successful August past year. Condensate production, however, fell to 197,229 bopd from 220,435 bopd successful August 2024.
It noted that Nigeria’s August crude lipid accumulation represented 96 percent of its OPEC quota of 1.5 cardinal bopd, reflecting the country’s improving capableness to conscionable output targets.
On a month-to-month basis, however, full accumulation dipped by 4.7 percent from July’s 1.71 cardinal bopd, attributed chiefly to a time of unplanned attraction astatine an lipid facility. Crude lipid unsocial fell by 4.8 percent compared to July’s 1.5 cardinal bopd.
Production successful August ranged betwixt a debased of 1.59 cardinal bopd and a highest of 1.85 cardinal bopd.
By terminal performance, Forcados Terminal led output with 8.99 cardinal barrels (8.08 cardinal barrels of crude and 915,200 barrels of condensates). Bonny Terminal followed with 6.26 cardinal barrels, including 5.8 cardinal barrels of crude and 418,270 barrels of condensates.
Other apical contributors included Qua Iboe Terminal with 4.99 cardinal barrels (4.94 cardinal crude and 50,500 condensates), and Escravos Oil Terminal with 4.18 cardinal barrels (4.08 cardinal crude and 107,000 condensates).
The station FAAC: NUPRC records N459.6bn gross shortfall contempt 3% emergence successful monthly remittance appeared archetypal connected Vanguard News.
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