Commendations for Tinubu’s govt as FG agency records N5.21 trillion revenue

The Energy Policy Advancement Centre (EPAC) commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating a record N5.21 trillion in revenue in the first half of 2025. EPAC praised NUPRC's leadership, particularly CEO Gbenga Komolafe, for their strategic revenue management in the oil and gas sector.

The figures from the commission's report to the Federation Accounts Allocation Committee (FAAC) show that the earnings represent a 44% increase from the entire 2024 fiscal year. Despite global oil market volatility and domestic production challenges, NUPRC's deliberate strategy has unlocked value in the upstream petroleum sector.

The commission's earnings include trillions from the Nigerian National Petroleum Company Limited (NNPCL) joint venture, production sharing contract royalty receivables, and debt recovery efforts. EPAC urged other public institutions to emulate NUPRC's approach to ensure timely payments, compliance with regulations, and support for upstream investments to boost output.