Michael Eboh

Dublin, Ireland — Nigeria's revenue from the oil and gas sector fell by 2.36 percent to N987.178 billion in July 2025, down from N1.011 trillion in June 2025, as per the most recent financial data published by the Federation Account Allocation Committee (FAAC).

As per the July 2025 revenue figures released by the Office of the Accountant General of the Federation (OAGF), following several deductions from the total income generated by the oil and gas sector during the period in question, the net revenue from this sector reached N462.329 billion, representing a decrease of 0.89 per cent from the N466.495 billion reported in June 2025.

A report by the OAGF detailed the nation's income from the petroleum sector in July 2025, stating that N621.672 billion was collected from crude oil royalties, compared to N526.949 billion in the prior month; meanwhile, revenue from the Petroleum Profit Tax (PPT) reached N239.412 billion, down from N337.044 billion in the previous month.

Furthermore, the OAGF revealed that the nation generated N51.979 billion from gas flare fines during the month being discussed, compared to N67.644 billion for the same category in June 2025; meanwhile, gas royalties amounted to N22.548 billion, as opposed to N16.729 billion in June 2025.

Additionally, the revenues from gas exports and crude oil exports during the month being reviewed amounted to N20.697 billion and N14.216 billion, respectively, while there were no earnings from either gas exports or crude oil exports in June 2025.

The OAGF noted that the royalties gathered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for gas sales in July 2025 amounted to N6.615 billion, showing an increase from the N4.758 billion collected in June 2025. Meanwhile, the Company Income Tax (CIT) collected from upstream companies reached N3.908 billion, a decrease from the N54.905 billion recorded in the prior month.

The nation generated N3.306 billion from rental income in the oil sector during July 2025, compared to N1.534 billion in June; meanwhile, other oil-related income decreased to N1.539 billion, down from N1.604 billion in June 2025.

The OAGF noted that gas revenue deposited into the federation account amounted to N977.211 million during the month being reviewed, in contrast to no income from this source in June 2025; meanwhile, royalties gathered by the NUPRC reached N309.599 million, compared to no revenue from NUPRC royalties in the prior month.

Regarding deductions linked to the oil sector in July 2025, the OAGF mentioned that N1.776 billion was disbursed as a 13 per cent allocation concerning the Nigerian National Petroleum Corporation Limited (NNPCL) management fee and frontier exploration fund for 2024, compared to N10.087 billion in May.

Furthermore, N18.163 billion was subtracted from the nation's total oil revenues, representing a 13 per cent refund for fuel subsidy, key projects, and the Police Trust Fund (PTF) in July 2025, matching the figure from the prior month; meanwhile, N25 billion was withdrawn by the National Executive Council (NEC) Special Committee for combating and managing crude oil theft, also consistent with the amount noted in the previous month.

NUPRC collected N28.927 billion in July 2025 as the four percent fee, which is higher than the N25.239 billion recorded in June 2025; the transfer to the Midstream and Downstream Gas Infrastructure Fund from gas flare penalties reached N50.983 billion, compared to N66.181 billion in June 2025.

Additionally, deductions from the 13 percent derivation refund on withdrawals from the joint venture contract account amounted to N100 billion, compared to the same figure in the previous month; meanwhile, N300 billion was returned to oil-producing states from the month's oil revenues through the 13 percent Nigerian Liquefied Natural Gas refund, matching the amount reported in June 2025.