Nigerian Upstream Petroleum Regulatory Commission earns N28bn From Oil Licensing Fees cover art

Nigerian Upstream Petroleum Regulatory Commission earns N28bn From Oil Licensing Fees

Nigerian Upstream Petroleum Regulatory Commission earns N28bn From Oil Licensing Fees

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 The Nigerian Upstream Petroleum Regulatory Commission has generated a total sum of N28.11bn in miscellaneous oil revenue tied to licensing fees and renewals within the first five months of 2025. The fund collected by the commission between January and May 2025 was remitted fully to government coffers. This comes amidst the scramble by over 40 Petroleum Prospecting Licence holders to renew their exploration permits. The commission described this category of income as revenue generated from granting approvals for various types of licences and permits. Still, it did not disclose the specific amounts earned from each source.

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