Michael Eboh

Dublin, Ireland — Revenue generated by Nigeria’s oil and gas sector fell by 25.04 per cent to N877.176 billion in December 2025, according to the most recent figures from the Central Bank of Nigeria (CBN), down from N1.17 trillion recorded in November 2025.

During its report to the Federation Account Allocation Committee (FAAC) regarding income and expenses for December 2025, the CBN revealed that the revenue generated from the oil and gas sector accounted for 95.65 percent of the sector’s planned revenue of N917.064 billion for that month.

In contrast, income from the oil sector in November 2025 made up 96.38 percent of the N1.474 trillion allocated for the industry in November 2025.

A detailed analysis of the industry’s revenue in December 2025, as reported by the CBN, showed that the nation generated N772.727 million from crude oil sales, a decrease of 97.92 per cent compared to the N37.134 billion noted in November 2025; meanwhile, revenue from gas sales amounted to N9.019 billion, an increase of 24.14 per cent from the N7.265 billion recorded in the previous month.

Additionally, the top financial regulator in the sector mentioned that income from crude oil royalties fell by 12.52 per cent to N514.288 billion during the month being discussed, compared to N587.865 billion in the prior month; meanwhile, earnings from other oil-related sources increased by 97.5 per cent to N2.678 billion in December 2025, up from N1.356 billion in the previous month.

It also mentioned that royalties from gas increased by 124.91 per cent to N21.153 billion in December, compared to N9.405 billion in November 2025; revenue from gas flaring penalties was N48.858 billion, a decrease of 5.76 per cent from N51.842 billion in November, while revenue from Companies’ Income Tax (CIT) from upstream oil industry activities reached N73.066 billion, compared to N106.106 billion in the prior month.

The CBN also stated that income from the Petroleum Profit Tax (PPT) was N79.247 billion; rentals – N1.5 billion; and taxes amounted to N126.594 billion, as opposed to N301.471 billion, N775.162 million, and N67.242 billion respectively in November 2025.

Furthermore, the CBN stated that from the nation’s oil and gas revenue in December 2025, N18.163 billion was subtracted as a 13 per cent refund for subsidies, priority initiatives, and the Police Trust Fund spanning from 1999 to 2021; meanwhile, N8.761 billion was taken by the Nigerian National Petroleum Corporation Limited (NNPCL), concerning its 13 per cent administrative charge and frontier exploration fund.

It mentioned that N23.724 billion was collected and withheld by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in December 2025, representing a four percent collection cost; meanwhile, N46.903 billion was sent to the Midstream and Downstream Gas Infrastructure Fund from gas flaring penalties during the same period.