The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has exceeded its revenue target by 49%, despite global oil and gas producers facing lower royalties and weaker profit margins. This achievement follows NUPRC’s efforts to revitalize the country’s upstream sector through improved regulation, which has minimized leakages and attracted significant investment, even as some oil and gas assets have been disposed of.
The revenue increase was announced during a public interactive hearing hosted by the National Assembly (NASS) Joint Committees on Finance and Planning, focusing on the 2025–2027 Medium Term Fiscal Framework (MTF) and Fiscal Strategy Paper (FSP). By October 2024, the NUPRC had exceeded its revenue target by 49 percent, providing additional funds for the government to address its budget deficits.
The Petroleum Industry Act of 2021 established the NUPRC, which is led by the inaugural Commission Chief Executive (CCE), Engr. Gbenga Komolafe. Since its creation, Komolafe has consistently guided the organization to meet and exceed its revenue targets. In response to the recent revenue surge, Komolafe stated that 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.”
Another key initiative driving revenue growth is the “Drill or Drop” program, which requires producers to drill a well within a set timeframe or risk losing their licence. The NUPRC has also emphasized its transparent operations, adhering to the framework that established the Federation Accounts, leading to increased revenue inflows to the government over the past three years.
