The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant increase in its revenue for 2024, recording a total of N12.2 trillion—an increase of 176.7 percent compared to N4.3 trillion in 2023.
The figure was contained in the commission’s 2024 annual report, which also indicated that revenue in 2022 stood at N3.7 trillion. The boost in earnings comes under the leadership of Commission Chief Executive, Gbenga Komolafe.
According to the report, the cost of revenue collection rose to N271 billion from N114.8 billion in the previous year, while internally generated revenue (IGR) stood at N1.6 trillion. Personnel costs accounted for N63.2 billion (33.1%), overhead expenditure was N85.8 billion (44.9%), and capital costs amounted to N41.9 billion (21.9%).
In its operational review, the commission recorded 732 environmental incidents in 2024, including blowouts, corrosion, equipment failures, sabotage, and maintenance errors.
On gas delivery, the report noted that only 77 percent of the daily Domestic Gas Delivery Obligation (DGDO) was met. Challenges affecting performance included limited gas infrastructure, pressure inconsistencies, unreliable offtakers, inventory issues, grid constraints, and security threats.
The report also highlighted persistent issues in meeting Domestic Crude Supply Obligations (DCSO). Producers submitted formal waiver requests or cited reasons for their inability to meet monthly supply targets. Factors affecting supply include inadequate local refining capacity, pipeline vandalism, oil theft, and the poor operational status of state-owned refineries in Port Harcourt, Warri, and Kaduna.
In response, a working committee comprising representatives from NUPRC, the Oil Producers Trade Section (OPTS), Independent Petroleum Producers Group (IPPG), and the Crude Oil Refinery-Owners Association of Nigeria (CORAN) was established to develop a comprehensive framework for implementing the DCSO policy.
However, amid complaints from operators regarding the participation of refiners in production curtailment meetings, the commission suspended refiners’ attendance at those meetings until further notice.
Despite the hurdles, the NUPRC said it remains committed to supporting local refineries through transparent crude allocation, with relevant data published regularly on its website.
