• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NUPRC Surpasses Revenue Target By 49%

by Chika Izuora
8 months ago
in Business
Commission Chief Executive (CCE), Engr. Gbenga Komolafe.

Commission Chief Executive (CCE), Engr. Gbenga Komolafe.

Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has surpassed its revenue target by 49 per cent as global hydrocarbon producers were witnessing lower royalties and weak margins.

Advertisement

The achievement comes despite onslaughts on oil and gas investments due to the global push for energy transition.

The revenue surge was disclosed at the public interactive hearing organised by the National Assembly (NASS) Joint Committees of Finance and Planning on the 2025–2027 Medium Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP).

As of October 2024, the NUPRC had surpassed its revenue target by 49 per cent, signalling more revenues for the government to fund its deficits.

The revenue performance followed NUPRC’s transformation of the country’s upstream sector using regulation to block leakages and open up the industry for massive investments despite the divestment of some oil and gas assets.

RELATED

VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

20 minutes ago
Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

2 hours ago

The Petroleum Industry Act, 2021 established the NUPRC, which is headed by the pioneer Commission Chief Executive (CCE), Engr. Gbenga Komolafe.

Since its establishment, Komolafe has consistently led the organisation to achieve and surpass the set revenue target.

Reacting to the development, Komolafe said the commission was “poised to achieve more through various ongoing initiatives such as the project one million per day initiatives, bid round, drill or drop and other mandates as set by the PIA.”

Recall that on October 22, 2024, the commission launched the one million barrels per day production initiative aimed at boosting daily production to over 2.7mbpd.

Komolafe also led the launch of bid round for oil blocks in at the Offshore Technology Conference in Houston, Texas, USA, in May 2024, which has attracted investors like TotalEnergies among others.

Another initiative that has fueled revenue collection is the drill or drop initiative, which mandates producers to drill a well within a specified time frame or forfeit the license area.

LEADERSHIP reports that the NUPRC had explained how it operates transparently in line with the framework that established the Federation Accounts, which has seen more revenues flow into government coffers in the last three years.

“We are a patriotic and transparent regulator, and the commission is committed to serving the nation effectively. We owe that duty to the nation in the sense that if you have a regulator that is not transparent, that regulator will send the wrong signal to the international community,” Komolafe said in an interview with journalists recently.

He added, “We are serving and helping the country to recover revenue in terms of royalty and it is just one aspect of our job and why it is important to situate that task in our statutory mandate is for checks and balances. It creates an unbroken chain of transparency for regulators to be responsible by helping the nation recover revenue.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: NUPRC
SendShareTweetShare
Previous Post

Yahaya Bello To Remain In EFCC Custody Till December 10

Next Post

PICTORIAL: MNJTF Troops Neutralise 15 Terrorists In Borno

Chika Izuora

Chika Izuora

You May Like

VAT Revenue Rises By 4.4%To N588bn In Q1 – NBS
Business

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

2025/08/05
Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub
Business

Rivers Set To Unlock New Frontiers As Port Harcourt Transforms To Int’l Energy Hub

2025/08/05
FULL LIST: Forbes Names Otedola Among Africa’s Top 20 Richest
Business

‘Banks Sent Pretty Ladies To Me For Deposit, Asked Thugs To Recover Debt’, Billionaire Otedola Reveals

2025/08/05
HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum
Business

HEIRS Energies CEO To Advocate Africa’s Energy Sufficiency At US-Africa Energy Forum

2025/08/05
CBN Anchors Economic Stability With New Rates
Business

CBN Anchors Economic Stability With New Rates

2025/08/05
REA, Yobe Set To Convene Strategic Roundtable On 2023 Electricity Act
Business

REA, Esodora Sign MoU To Boost Energy Access Nationwide

2025/08/05
Leadership Conference advertisement

LATEST

Gov Adeleke Travels To US For Nephew Davido’s White Wedding

IGP Decorates Outstanding Policemen For 2023, 2024

Nigeria Records $5.64bn Capital Importation In Q1 2025 — NBS

Mother, 5 Children Killed As Wall Collapses In Katsina

FCT Police Vow To Rid Abuja Of Shanties, Beggars, Illegal Miners

Ex-FC Porto Captain Costa Dies At 53

Tinubu Signs Nigerian Insurance Reform Bill, Targets $1tn Economy

New APC Chairman Yilwatda Presides Over First NWC Meeting

Rwanda Agrees To Take 250 Migrants From US

Ex-Romanian President Iliescu Dies At 95

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.