Economy
NUPRC Pays N8.79trn into Federation Account in 10 Months
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted N8.79 trillion to the Federation Account between January and October this year.
According to a briefing note by the commission, a significant rise in revenue inflows was recorded for October 2025, with a total of N873,104,663,972.70 remitted to the Federation Account.
The account was also presented at the November Federation Account Allocation Committee (FAAC) meeting, marking a 17.67 per cent increase compared to the N741.99 billion collected in September 2025.
The sources of funds included royalty collections, gas flare penalties, rentals, and miscellaneous oil revenues for the months under review.
“The commission’s performance from January to October 2025 is N8,795,528,705,538.82, which is inclusive of NNPC Limited JV & PSC (Production Sharing Contract) Royalty Receivables of N1,021,550,672,578.87 for the period of January to October 2025 and Project Gazelle receipt of N835,689,852,435.38 for November 2024…” the FAAC document showed.
The commission clarified that there were no receivables due for December 2024, February, August, September, and October 2025 under Project Gazelle.
According to the document, the outstanding obligations of NNPC reported at the October 2025 FAAC meeting were $1,480,610,652.58 and N6,332,884,316,237.13 for oil liftings and royalty receivables, respectively.
However, the commission said it recently received a Presidential Approval to ‘nil off’ the outstanding obligations of NNPC as at December 31, 2024, as submitted by the stakeholder alignment committee on the reconciliation of indebtedness between NNPC and the federation.
Out of $1,480,610,652.58 and N6,332,884,316,237.13, it stated that the affected outstanding obligations that have been ‘nil off’ are $1,421,727,723.00 and N5,573,895,769,388.45. “The commission has passed the appropriate accounting entries as approved,” the document showed.
The outstanding statutory obligations of the NNPC from January to October 2025, according to the FAAC report, are: $56,808,752.32 and N1,021,550,672,578.87 for PSC and MCA (Modified Carry Agreement) liftings and JV royalty receivables, respectively.
However, the commission said it received $55,003,997.00 in the month under review from the outstanding, leaving a balance of $1,804,755.32 and N1,021,550,672,578.87. The amount of $55.003.997.00 received, it said, is part of the total collection reported for sharing by the federation in November.
The document indicated that collections still fell below the approved monthly budget. Against a revenue projection of N1.204 trillion, actual collections represented 72.47 per cent, leaving a negative variance of N331.70 billion.
NUPRC attributed the shortfall primarily to fluctuations in crude oil prices and a noticeable drop in crude oil production, factors that have repeatedly affected government revenue projections in 2025.
For the gas flare penalty, the commission collected N61.70 billion. This represented 105.52 per cent of the monthly target and a modest month-on-month increase.
Oil and gas royalties for October stood at N807.08 billion, representing 70.54 per cent of the monthly budget for this category. Though below target, this reflected an increase of N143.28 billion from September’s N663.80 billion, highlighting a marked recovery in royalty inflows.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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