How NUPRC's revenue rose under Komolafe's reforms, energy group says

The Energy Governance Alliance (EGA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating a grounds N12.25 trillion successful gross successful 2024, describing it arsenic a testament to the commission’s regulatory reforms and strategical enactment nether Chief Executive, Gbenga Komolafe

In a connection issued connected Tuesday, July 8, 2025, and signed by its Executive Director, Dr Kelvin Sotonye William, the confederation said the gross accomplishment marked a watershed infinitesimal successful Nigeria’s lipid and state sector, affirming NUPRC’s cardinal relation successful repositioning the upstream industry for worth creation, fiscal accountability and nationalist development.

NUPRC's main executive, Gbenga Komolafe, is credited for astonishing revenue. Credit: NUPRC
Source: Twitter

NUPRC breaks records nether Komolafe

The figure, disclosed successful the commission’s recently released 2024 Annual Report, represents a 182.25% summation from the N4.34 trillion generated successful 2023. 

It besides importantly surpassed the 2024 forecast gross of N6.93 trillion by implicit N5 trillion.

“The Energy Governance Alliance welcomes the stellar show of the NUPRC, nether the visionary stewardship of Mr Gbenga Komolafe, for generating implicit N12 trillion successful 2024, the highest ever recorded successful a azygous twelvemonth successful Nigeria’s upstream sector,” the connection reads."This show is not accidental. It reflects sustained argumentation clarity, accrued compliance, and a bold enforcement posture connected captious issues specified arsenic royalty payments, state flare penalties and lease renewals. These are the precise foundations of vigor justice, and we applaud the Commission for restoring regulatory credibility successful a assemblage agelong plagued by opacity and inefficiency.”

EGA said the unprecedented gross inflow has “revalidated the Petroleum Industry Act (PIA) 2021 arsenic a moving model for gross optimisation, capitalist subject and upstream transparency”, adding that the Komolafe-led NUPRC had breached caller crushed successful actualising the fiscal and organization aspirations of the landmark law.

Oil and state royalties rise

According to the commission’s breakdown, lipid and state royalties unsocial accounted for N11.08 trillion successful 2024, astir doubly the projected figure,  portion state flared penalties brought successful N391.26 billion, and concession rentals fetched N23.71 billion. 

Other cardinal gross lines included N369.57 cardinal from signature bonuses, N230.73 cardinal from lease renewals, N35.19 cardinal successful miscellaneous income, and N117.02 cardinal from goods and invaluable consideration.

Reacting to the figures, Dr William said the standard and dispersed of the gross show demonstrated a “whole-of-sector approach” that has closed long-standing loopholes and challenged entrenched rent-seeking behaviour.

“For the archetypal clip successful caller memory, we are seeing a regulator extract worth from aggregate unit points crossed the upstream strategy — from flare penalties to lease administration. This is what it means to govern lipid successful the nationalist interest,” helium said.

EGA urged different agencies successful the lipid and state ecosystem to emulate NUPRC’s results-oriented culture, noting that the commission’s transparency successful publishing unreconciled accumulation volumes, mean regular outputs, and compliance with the method allowable complaint (TAR) authorities was “a invited deviation from the epoch of secrecy”.

Crude lipid accumulation surges

The study had revealed that full crude accumulation successful 2024 stood astatine 578.5 cardinal barrels, comprising 482.8 cardinal barrels of lipid and 95.7 cardinal barrels of condensate, with a regular mean output of 1.58 cardinal barrels per day. Joint ventures contributed 48 per cent of the production, followed by accumulation sharing contracts astatine 35 per cent, sole hazard operations astatine 13 per cent, and marginal fields astatine 4 per cent.

The confederation besides welcomed NUPRC’s disclosures connected the TAR, which stood astatine 67 per cent successful 2024, and urged further collaboration with manufacture players to rise ratio levels.

“This is not conscionable astir revenue. It’s besides astir regulatory honesty. By publishing unreconciled volumes and clarifying that they are not to beryllium mistaken for export figures, NUPRC has sent a beardown connection that it is nary longer concern arsenic usual. This level of transparency is cardinal to improving capitalist assurance and nationalist trust,” William said.

EGA said it was peculiarly impressed with the commission’s show successful state flare penalties and lease renewals, which surpassed their 2024 projections by implicit 200 per cent, indicating renewed rigour successful enforcement.

It noted that N391 cardinal was realised from state flaring penalties, compared to a projected N126 billion, portion lease renewals brought successful N230.73 billion, astir 3 times the forecasted N80.63 billion.

Gas flaring reduced

“Gas flaring is an ecological transgression and an economical waste. The information that penalties person go a large gross point shows the Commission’s zero-tolerance stance. We expect this to further propulsion operators towards cleaner and much liable vigor production,” the confederation added.

The confederation urged the Federal Government to transmission a important information of the NUPRC’s gross surplus into supporting big communities, backing cleanable vigor transitions and closing infrastructure gaps successful the Niger Delta.

“Komolafe’s show shows that Nigeria’s lipid assemblage tin present some gross and reform, if we prioritise competence, clarity and courage. The Energy Governance Alliance urges President Bola Ahmed Tinubu to proceed backing specified reforms and guarantee that the NUPRC remains insulated from governmental interference,” the connection concluded.

Nigeria's lipid accumulation rises

Legit.ng earlier reported that the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained however the Nigerian authorities got overseas investors to increase lipid production to 1.8 cardinal barrels daily.

The Minister narrated that Nigeria's lipid output has accrued from 1 cardinal barrels per time successful 2023 to 1.8 cardinal barrels today.

The Minister disclosed successful a connection connected Monday, January 6, 2024, that the statesmanlike bid to summation lipid accumulation to a sustainable level began the travel of translation successful the lipid industry.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng