Nigeria earns N1.17trn from oil, gas in one month

Michael Eboh

Dublin, Ireland — Nigeria earned N1.17 trillion from the oil and gas industry in November 2025, dropping by 16.19 per cent compared with N1.396 trillion earned from the sector in October 2025, according to data presented to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN).

The CBN noted that the N1.17 trillion earnings from the petroleum industry in November 2025, represented 96.38 per cent of the N1.214 trillion revenue budgeted for the sector for the month under review.

In comparison, 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 November 2025, the CBN stated that the country earned N37.134 billion from crude oil sales, climbing by 395.58 per cent from N7.493 trillion recorded in the previous month; while revenue from gas sales appreciated by 25.22 per cent to N7.265 billion in November, compared with N5.802 billion recorded in October 2025.

Furthermore, the CBN noted that revenue from crude oil royalties dipped by 25.6 per cent, from N790.086 billion in October 2025 to N587.865 billion in November; while miscellaneous oil revenue more than doubled to N1.356 billion, from N447.279 million in October 2025.

Also, it stated that royalties from gas dipped by 38.1 per cent to N9.405 billion in November, from N15.195 billion in October, while the country earned N51.842 billion from gas flare penalties in November 2025, down from N61.898 billion recorded in the previous month.

The banking sector regulator added that revenue from companies’ income tax (CIT) from upstream oil industry operations stood at N106.106 billion in the month under review, as against N73.025 billion in October 2025.

It also stated that revenue from Petroleum Profit Tax (PPT) stood at N301.471 billion; rentals – N775.162 million; while taxes stood at N67.242 billion in November 2025; as against N242.621 billion, N3.197 billion, and N196.277 billion in October 2025.

In addition, the CBN reported that from the country’s oil earnings in November 2025, N18.163 billion was deducted for 13 per cent refund on subsidy, priority projects and Police Trust Fund from 1999 to 2021; while N2.872 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 N26.401 billion was deducted and collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October 2025, being four per cent cost of collection; while N49.768 billion was transferred to the Midstream and Downstream Gas Infrastructure Fund from gas flare penalties in the same month.