Energy Sector Cheers Komolafe As NUPRC Hits N5.21trn Mid-Year Revenue

The Energy Policy Advancement Centre (EPAC) has lauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating N5.21 trillion in the first half of 2025, describing the achievement as a demonstration of strategic revenue management in Nigeria’s oil and gas sector, according to iReporter Online.

In a statement signed by its Director-General, Dr. Ibrahim Musa, EPAC highlighted that the mid-year performance under the leadership of NUPRC Chief Executive Gbenga Komolafe reflects what can be achieved when regulation is coupled with foresight, accountability, and determination.

According to iReporter Online, figures from the commission’s report to the Federation Accounts Allocation Committee (FAAC) reveal that the January–June earnings represent 42.7 per cent of the record N12.2 trillion revenue achieved in 2024, stemming from royalties, gas sales, flared gas penalties, and joint venture proceeds.

EPAC noted that the NUPRC’s performance is especially commendable given the volatility in global oil markets and domestic production challenges, bolstering Nigeria’s fiscal position amid high budgetary demands.

Musa praised the commission’s debt recovery efforts, which yielded $459,226 from outstanding obligations—part of a cumulative $1.436 billion owed from crude oil lifting contracts.

According to iReporter Online, these recoveries reflect rigorous reconciliation between NNPCL and FAAC, overseen by the Technical Sub-Committee of the Alignment Committee on the Reconciliation of Indebtedness.

He further stressed that the significance of NUPRC’s achievement lies not only in the quantum of revenue but in the disciplined approach to its collection and transparency.

EPAC urged oil companies and relevant agencies to align with the commission’s momentum, ensuring timely payments, regulatory compliance, and support for upstream investments that could further raise output and earnings.

Musa concluded that the NUPRC’s mid-year success demonstrates how proactive regulation can transform into active value generation, setting a benchmark for other public institutions and reinforcing the critical role of upstream petroleum revenues in Nigeria’s economic stability.

”IREPORTER REPORTS”