Improved crude oil production and better compliance from oil companies have pushed Nigeria’s oil tax revenue to N3.69tn in the first half of 2025, The PUNCH reports.
This represents a 41.7 per cent increase over the N2.604tn collected in the same period last year.
This is according to an analysis of the Federation Account Allocation Committee’s monthly reports and the latest revenue performance figures presented by the Federal Inland Revenue Service at the monthly Federal Allocation Accounts Committee meeting.
Our correspondent obtained copies of presentations between January and June on Tuesday.
Within this period, crude oil production increased to 1.8 million barrels per day, reaching the highest in four years. The oil tax collections comprise Petroleum Profits Tax, Hydrocarbon Tax, and Company Income Tax from oil and gas companies operating in Nigeria.
The report showed that the government’s income tax earnings from oil and gas firms rose month-on-month in June to N411.95bn, up from N362.96bn in May, marking a 13.5 per cent increase. The report read, “The oil taxes collection for the month of June, 2025 was N411.951bn.”
