Nigeria’s oil revenue dips by 25% to N877bn in one month

Michael Eboh

Dublin, Ireland — Nigeria’s revenue from the oil and gas industry dipped by 25.04 per cent to N877.176 billion in December 2025, compared with N1.17 trillion received from the industry in November 2025, latest data released by the Central Bank of Nigeria (CBN) has revealed.

In its presentation to the Federation Account Allocation Committee (FAAC) on receipts and expenditures for December 2025, the CBN disclosed that the amount earned from the oil and gas industry in the month under review, represented 95.65 per cent of the sector’s budgeted revenue of N917.064 billion for the month.

In comparison, revenue from the petroleum industry in November 2025 accounted for 96.38 per cent of the N1.474 trillion budgeted for the sector in November 2025.

Providing a breakdown of revenue from the industry in December 2025, the CBN stated that the country earned N772.727 million from crude oil sales, dropping by 97.92 per cent from N37.134 billion recorded in November 2025; while the it recorded revenue of N9.019 billion from gas sales, rising by 24.14 per cent from N7.265 billion recorded in November.

Furthermore, the financial sector apex regulator noted that revenue from crude oil royalties dipped by 12.52 per cent to N514.288 billion in the month under review, from N587.865 billion recorded in the previous month; while receipts from miscellaneous oil revenue grew by 97.5 per cent to N2.678 billion in December 2025, from N1.356 billion in the previous month.

It also stated that royalties from gas appreciated by 124.91 per cent to N21.153 billion in December, from N9.405 billion in November 2025; revenue from gas flared penalties stood at N48.858 billion, down by 5.76 per cent from N51.842 billion in November, while revenue from Companies’ Income Tax (CIT) from upstream oil industry operations stood at N73.066 billion, as against N106.106 billion in the previous month.

The CBN further revealed that revenue from Petroleum Profit Tax (PPT) stood at N79.247 billion; rentals – N1.5 billion; while taxes stood at N126.594 billion, compared with N301.471 billion. N775.162 million, and N67.242 billion, respectively, in November 2025.

In addition, the CBN reported that from the country’s oil and gas revenue in December 2025, N18.163 billion was deducted for 13 per cent refund on subsidy, priority projects and Police Trust Fund from 1999 to 2021; while N8.761 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 N23.724 billion was deducted and collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in December 2025, being four per cent cost of collection; while N46.903 billion was transferred to the Midstream and Downstream Gas Infrastructure Fund from gas flared penalties in the same month.