Nigeria’s oil revenue for September 2025 fell sharply by N345.19 billion, reflecting a major decline in tax receipts from the oil and gas sector.
According to documents presented at the Federal Account Allocation Committee (FAAC) meeting in October and obtained by Daily Trust, the Federal Inland Revenue Service (FIRS) reported that it collected N302.5bn in oil-related taxes during the month.
This represents a significant drop from the N644.5bn recorded in August—amounting to a N341.98bn or 53.06% decrease.
FIRS noted that September’s figure also falls below the 2025 monthly target of N600.16bn, recording a shortfall of N297.65bn (49.60%). The agency attributed the decline mainly to reduced receipts from Production Sharing Contracts (PSC), which negatively impacted Petroleum Profit Tax (PPT) collections.
Meanwhile, the Nigerian Upstream Regulatory Commission (NUPRC) reported a revenue drop of N3.21bn, citing reduced crude oil production and fluctuations in global oil prices during the month.
Nigeria’s crude oil output declined to 1.39 million barrels per day (mbpd) in September, down from 1.434 mbpd in August—its lowest level in seven months and below the country’s OPEC quota of 1.5 mbpd.
OPEC said the figures were obtained through “direct communication with Nigerian authorities.”
The NUPRC linked the decline to disruptions caused by the labour dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Dangote Refinery, which led to the shutdown of several production and export facilities.
In its FAAC presentation, the commission disclosed that it collected N741.99bn for September 2025—representing 61.59% performance against its monthly budget target of N1.2 trillion. This amounts to a negative variance of N462.82bn (38.41%).
NUPRC added that September saw no remittance under Project Gazelle, though it transferred the entire N741.99bn to the Federation Account. Cumulatively, from January to September 2025, the CBN transferred N6.21 trillion to the Federation on behalf of the commission.
The commission also confirmed receiving $3.39 million in September from outstanding payments under PSC, DSDP, RA, and MCA liftings—leaving an unpaid balance of $1.476bn.
NUPRC said it now awaits the final report of the Alignment Committee set up to reconcile financial obligations between NNPC Ltd and the Federation.
