Nigeria  Secures  44% Growth In Oil Earnings At N1.264trn

Nigeria’s receipts from the petroleum industry stood at N1.264 trillion in January 2026, climbing  by 44.13 per cent compared with N877 billion received in December 2025, according to data released by the Central Bank of Nigeria (CBN).

The CBN, in its presentation to the Federation Account Allocation Committee (FAAC), also stated that the amount the country earned from the oil and gas industry in January 2026 was 12.06 per cent higher than the N1.128 trillion earned from the industry in January 2025.

The CBN added that oil and gas receipts into the federation account in the month under review, represented 92.4 per cent of the sector’s budgeted revenue of N1.368 trillion

In comparison, in December 2025, the amount earned from the oil and gas industry represented 95.65 per cent of the sector’s budgeted revenue of N917.064 billion for December 2025.

Giving a breakdown of receipts from the oil and gas industry in January 2026, the CBN stated that the country earned N14.234 million from crude oil sales, dropping by 98.16 per cent from N772.727 million recorded in December 2025; while the country received N5.378 billion from gas sales, dropping by 40.38 per cent from N9.019 billion recorded in December.

Furthermore, the financial sector apex regulator noted that revenue from crude oil royalties dipped by 60.57 per cent to N202.764 billion in the month under review, from N514.288 billion recorded in December 2025; while receipts from miscellaneous oil revenue depreciated by 76.06 per cent to N641.377 million, from N2.678 billion recorded in the previous month.

It also stated that royalties from oil and gas collected by the Nigeria Revenue Service (NRS) appreciated by 1,087.5 per cent to N251.183 billion, compared with N21.153 billion recorded in December; while gas royalty stood at N6.965 b

The country earned N12.961 billion from gas flared penalties in January 2026, dropping by 73.47 per cent compared with N48.858 billion recorded in the previous month, while revenue from Companies’ Income Tax (CIT) from upstream oil industry operations stood at N55.333 billion, as against N73.066 billion in December 2025, while gas flare fee fetched the country N5.6 billion.

The CBN further revealed that in the month under review, revenue from Petroleum Profit Tax (PPT) stood at N133.604 billion; rentals – N1.337 billion; while taxes stood at N588.011 billion.

In comparison, in December 2025, earnings from Petroleum Profit Tax (PPT) stood at N79.247 billion; revenue from rentals stood at N1.5 billion; while taxes stood at N126.594 billion.

In addition, the CBN reported that from the country’s oil and gas revenue in January 2026, N2.092 billion was deducted in respect of the 13 per cent NNPC management fee and frontier exploration fund, while N17.818 billion was transferred to the Midstream and Downstream Gas Infrastructure Fund (MDGIF) from gas flared penalties in the same month.

Furthermore, it highlighted that N18.163 billion was deducted for 13 per cent refund on subsidy, priority projects and Police Trust Fund from 1999 to 2021; while N21.442 billion was deducted and collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in December 2025, being four per cent cost of collection.