United Capital Plc recorded a 35 per cent year-on-year increase in revenue, rising from N43.43bn at the end of 2024 to N58.55bn in 2025.

This was indicated in the Audited Financial Results for the year ended 31 December 2025, filed with the Nigerian Exchange Limited on Monday.

The Group said the performance reflects its execution capability, diversified revenue base and resilience across its business lines. Growth was largely driven by a 176 per cent year-on-year surge in net trading income and a 59 per cent increase in fee and commission income.

Profitability also improved during the period. Profit before tax rose 37 per cent year-on-year to N41.18bn, while profit after tax increased 17 per cent to N28.15bn. Total comprehensive income for the year stood at N30.97bn.

The company stated that the result affirms its ability to sustain its historic growth trajectory and enhance shareholders’ wealth despite a volatile operating environment.

In line with its commitment to shareholders, the Board approved a final cash dividend of N0.70 per ordinary share, amounting to N12.6bn. This brings the total dividend for the 2025 financial year to N1.00 per share, valued at N18bn, representing a 25 per cent increase from the N14.4bn payout in 2024.

United Capital said the improved distribution reflects its strong cash flow position and continued focus on delivering solid earnings performance while enhancing shareholder value.

Commenting on United Capital Group’s FY-2025 audited financials, the Board Chairman, Mr Uche Ike, said, “I am immensely proud of the leadership and the entire United Capital team for the stellar performance delivered in the 2025 financial year. I applaud our people for approaching every challenge with diligence, discipline, and an unwavering commitment to excellence.

“This level of excellence continues to set United Capital apart as a leader in the investment banking and financial services industry. I extend my sincere appreciation to our clients, partners, and shareholders for their enduring trust and to our teams across the Group whose passion and professionalism make performances like this possible.”

On the performance, the Group Chief Executive Officer, Mr Peter Ashade, added, “I am delighted to inform all our stakeholders that United Capital Group ended the year on an impressive note as Profit before Tax rose 37 per cent year-on-year despite the challenging operating environment. This remarkable business performance was driven by growth in core business operations, a resilient business model and strong execution of our strategic initiatives.

“As we proceed into the 2026 financial year, I remain excited about the opportunities ahead. Our robust risk management framework, technical expertise, operational scale, focused team and strategic clarity provide us a strong platform to effectively harness the opportunities inherent in our operating environment.”

The Nigerian Communications Commission has proposed that telecom operators must give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn.

The proposal is contained in a consultation paper titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 2026 and published on the Commission’s website.

Under the proposed amendments to the Quality-of-Service Business Rules, the NCC stated that “prior to churning of a post-paid line, the Operator shall send a notification to the affected subscriber through an alternative line or an email on the pending churning of his line.”

It added, “This notification shall be sent at least 14 days before the final date for the churn of the number.

A similar provision was proposed for prepaid subscribers. The commission said, “prior to churning of a pre-paid line, the Operator shall send a notification to the affected subscriber through an alternative line or an email on the pending churning of his line,” stressing again that the notice “shall be sent at least 14 days before the final date for the churn of the number.”

Currently, under Section 2.3.1 of the QoS Business Rules, a subscriber line may be deactivated if it has not been used within six months for a Revenue Generating Event, and if inactivity persists for another six months, the subscriber may lose the number, except in cases of network-related faults.

The commission also proposed that operators must submit churn data to the new Telecoms Identity Risk Management System. According to the document, “An Operator shall submit details of all churn numbers to the Telecoms Identity Risks Management System (TIRMS) within seven days of completion of the churn process.

The proposed changes form part of a broader regulatory review tied to the rollout of the Telecoms Identity Risk Management System, a cross-sector platform designed to curb fraud linked to recycled, swapped, and barred mobile numbers.

In the background section of the paper, the NCC explained that the TIRMS “is a secure, regulatory-backed Platform that helps prevent fraud stemming from churned, swapped, barred Mobile Station International Subscriber Directory Number in Nigeria.”

It added that the platform “will provide a uniform approach for all sectors in relation to the integrity and utilisation of registered MSISDNs on the Nigerian Communications network.”

The consultation process, which the commission said is in line with Section 58 of the Nigerian Communications Act 2003, is open for 21 days from the date of publication. Stakeholders are expected to submit comments on or before March 20, 2026.

The document was dated February 26, 2026, and signed by the Executive Vice Chairman and Chief Executive Officer of the Commission, Dr Aminu Maida.

The Central Bank of Nigeria reduced the Monetary Policy Rate by 50 basis points to 26.5 per cent on 24 February 2026, after the Monetary Policy Committee’s 304th meeting. SAMI TUNJI examines the disinflation trends, foreign exchange stability and banking sector reforms supporting the decision, alongside the fiscal risks that could challenge the outlook

When the Monetary Policy Committee met for its 304th session in Abuja, it delivered what several analysts had expected by cutting the Monetary Policy Rate by 50 basis points to 26.5 per cent. However, the committee kept other key settings unchanged, retaining the standing facilities corridor around the MPR at +50 and -450 basis points and leaving the Cash Reserve Requirement for deposit money banks at 45 per cent.

The CBN’s policy shift rests on one claim and one constraint. The claim is that disinflation is holding and is being supported by the delayed effect of earlier tightening, exchange rate stability and improving food supply. The constraint is that the same environment still carries risks, including fiscal releases and election-related spending that could push inflation up again.

CBN Governor Olayemi Cardoso, speaking during a press briefing after the meeting, signalled that the rate cut was not a declaration that inflation risk had ended. When asked if Nigeria could now “go to sleep on inflation”, he said, “Caution is our watchword in the Central Bank.”

Disinflation as key trigger

Analysts at Afrinvest earlier noted that Nigeria’s “disinflation trend, alongside sustained accretion to external buffers (foreign exchange reserves up 2.4 per cent since November to $47.8 bn), continued naira appreciation (up approximately 6.7 per cent to N1,355.00/$1.00 in the official market), and stable energy goods prices (notably, PMS), provides the CBN with latitude for policy fleibility.”

Nigeria’s headline inflation rate declined marginally to 15.10 per cent in January 2026, down from 15.15 per cent recorded in December 2025, according to the Consumer Price Index report released by the National Bureau of Statistics. This decline came despite earlier projections by analysts that Nigeria’s inflation could climb to 19 per cent in January. The NBS report showed that the Consumer Price Index fell to 127.4 in January from 131.2 in December, representing a 3.8-point decrease. The NBS said the January headline inflation rate was 0.05 percentage points lower than the rate recorded in December. The inflation figure was the lowest in five years and two months, since November 2020, when inflation stood at 14.89 per cent. The MPC described January 2026 as the eleventh consecutive month of decline in year-on-year headline inflation.

The disinflation story is clearer when broken down. Food inflation declined 8.89 per cent in January 2026 from 10.84 per cent in December 2025, which the MPC linked to improved domestic food supply, sustained exchange rate stability and base effects. The food inflation figure marked the first single-digit reading in 128 months and the lowest since August 2011, when food inflation stood at 8.66 per cent.

Core inflation eased 17.72 per cent from 18.63 per cent, driven largely by a moderation in Information and Communication services. The MPC also pointed to a short-run indicator. Month-on-month headline inflation fell to negative 2.88 per cent in January 2026 from 0.54 per cent in December 2025. A negative monthly reading suggests that the direction of prices in that month was not just slower growth but an outright decline, even if the durability of that pattern still needs to be tested across subsequent prints.

Speaking at the press briefing after the 304th MPC meeting, Cardoso said the continued deceleration in inflation was driven mainly by the “continued effects of the contractionary monetary policy”, foreign exchange market stability, robust capital inflows and improvement in the balance of payments. He added that these conditions suggested that prior tightening had helped anchor expectations. While the disinflation was central to why the committee saw room to reduce the benchmark rate, it did not loosen system liquidity aggressively as other parameters were retained.

The MPC flagged fiscal risk as releases from the federation account increase, which could pose upside risks to inflation. If fiscal expansion accelerates, it can increase liquidity and weaken the disinflation trend, particularly in an economy where supply constraints are common. In that scenario, the CBN would face a choice between defending disinflation with tighter policy or tolerating higher inflation to protect growth and credit conditions. This is why the cut looks like an incremental test rather than a clear start of a long easing cycle.

FX stability, reserves and recapitalisation

The MPC also linked its disinflation outlook to sustained stability in the foreign exchange market and stronger external buffers. Cardoso disclosed that gross external reserves rose to $50.45bn, providing import cover of 9.68 months for goods and services. The CBN tied reserve accretion to both real-economy flows and confidence. He pointed to higher export earnings and increased remittance inflows as drivers that contributed to foreign exchange stability and investor confidence. Cardoso also referenced favourable trade developments, a current account surplus, rising non-oil exports and increasing diaspora remittances.

The CBN further welcomed the newly issued Presidential Executive Order 09, which redirects oil and gas revenues into the Federation Account, and said the committee acknowledged its potential impact in improving fiscal revenue and reserve accretion. For monetary policy, the relevance is not the politics of the order but the mechanics. If more oil and gas revenue predictably flows through the federation account, fiscal planning can improve, and external buffers can strengthen, particularly if inflows support reserves and reduce pressure for deficit monetisation. However, the same story carries a risk. Higher inflows can also encourage higher spending if fiscal discipline is weak, and the MPC already warned that fiscal releases, including election-related spending, could push inflation up.

Cardoso also laid out a list of risks that can disrupt the external stability underpinning the rate cut. He cited the possibility of global shocks, uncertainties around oil prices, and the effect of pre-election spending if not contained.

The CBN governor further noted that banking sector indicators remained within regulatory thresholds and described the sector as resilient. He noted progress in recapitalisation, stating that 20 banks had fully met the new minimum capital requirements and that a further 13 were at advanced stages of their capital raising processes, which he said were expected to conclude within the stipulated time. He also noted that banks raised N4.05tn in verified and approved capital ahead of the 31 March 2026, recapitalisation deadline set by the CBN. The PUNCH observed that this figure was nearly double the N2.4 tn reportedly raised as of April 2025. Cardoso said N2.90tn of the amount, representing 71.6 per cent, was mobilised domestically, while N1.15tn, equivalent to 28.33 per cent, came from foreign participation.

“In summary, 71.67 per cent is domestic mobilisation and 28.33 per cent is foreign participation. This balance, in my view, represents a mix of domestic and foreign, which signals broad investor engagement and confidence in the sector,” Cardoso said.

The CBN governor also had to address stability risks tied to institutions under intervention. Cardoso said depositor funds in those institutions remain secure and that operations continue under close supervisory and regulatory oversight. He said this to prevent recapitalisation anxieties from turning into deposit flight or market rumours, both of which can disrupt the transmission of monetary policy.

A further stability issue is the payments and fintech ecosystem. The governor said the CBN recognised the importance of innovation but would ensure that risks to financial stability were properly managed. “We are advancing work already on a very comprehensive framework for digital assets,” Cardoso said, noting that the process would involve consultation and scrutiny to ensure transparency and long-term resilience. He disclosed that there are over 430 licensed fintech operators in Nigeria and described the segment as systemically important, adding that the CBN was strengthening supervisory oversight to address cyber threats and other emerging risks.

Likely impact of rate cut on Nigeria’s economy

In a statement, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, welcomed the CBN’s decision to cut the MPR by 50 basis points to 26.5 per cent, describing it as a signal of growing confidence in the nation’s economic stabilisation. He noted that the decision reflects “strong coordination between fiscal and monetary authorities as the country transitions from stabilisation to economic consolidation”.

Edun explained that the rate cut provides the government with “fiscal space to accelerate investment in infrastructure, energy, agriculture and social services”. He added, “For businesses, it improves access to credit, supports private sector investment, and strengthens job creation in the real economy.”

The Director-General of the Nigeria Employers’ Consultative Association, Adewale Oyerinde, earlier told The PUNCH that the marginal cut indicated that monetary authorities were responding to sustained pressures facing businesses.

“The marginal reduction in the benchmark interest rate represents a cautious but noteworthy signal that monetary authorities are beginning to respond to the sustained pressures facing businesses and the productive sector,” Oyerinde said. He added, “While the 50 basis point reduction may not immediately translate into significantly lower lending rates, it reflects a gradual shift toward supporting economic growth without undermining price stability.”

Oyerinde stressed that the overall policy stance remained tight due to the retention of the Cash Reserve Ratio at 45 per cent for commercial banks and other liquidity controls. “With a substantial portion of bank deposits still sterilised, the capacity of financial institutions to expand credit to the real sector may remain constrained in the near term,” he said.

In a policy brief shared with The PUNCH, the Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, described the rate cut as growth-supportive but warned that weak policy transmission and fiscal vulnerabilities could blunt its impact. “This policy direction is appropriate and growth-supportive. It reflects improving macroeconomic fundamentals and reinforces confidence in the economy’s stabilisation trajectory,” Yusuf said. He cautioned that lending rates might remain elevated due to structural constraints, stressing, “Unless these structural rigidities are addressed, the benefits of monetary easing may not fully translate into lower borrowing costs for manufacturers, SMEs, agriculture, and other productive sectors.”

Yusuf added that fiscal consolidation remained the missing anchor. “Without fiscal consolidation, monetary easing could be undermined by continued fiscal pressures and crowding-out effects in the financial system,” he said.

Looking ahead, Cardoso said the outlook suggests that “the current momentum of domestic disinflation will continue in the near term”, supported by exchange rate stability and improved food supply. However, he warned that “increased fiscal releases, including election-related spending, could pose upside risk to the outlook.” He reaffirmed the MPC’s commitment to “an evidence-based policy framework, firmly anchored on the Bank’s core mandate of ensuring price stability, while safeguarding the soundness and resilience of the financial system.”

The Nigerian Exchange Limited experienced a bearish turn in the final week of February, with key market indicators closing in the red amidst a significant drop in trading turnover.

According to the weekly market data, the NGX All-Share Index depreciated 1.11 per cent, closing the week at 192,826.78 points, while Market Capitalisation shed approximately 1.12 per cent to settle at N123.763tn.

Investor activity cooled significantly compared to the previous week. A total turnover of 5.494 billion shares worth N196.709bn was traded in 370,233 deals, a notable contrast to the 7.662 billion shares valued at N252.566bn that exchanged hands the prior week.

The Financial Services Industry maintained its dominance, leading the activity chart with 3.241 billion shares valued at N82.775 bn. This sector alone contributed 58.99 per cent to the total equity turnover volume. The Oil and Gas Industry followed in a distant second, while the Services Industry took the third spot.

Trading in the top three equities, Japaul Gold and Ventures Plc, Fortis Global Insurance Plc, and Zenith Bank Plc, accounted for 1.576 billion shares worth N33.46 bn, representing 28.68 per cent of the total turnover volume.

During the week, 32 equities appreciated less than 71 equities did in the previous week. Sixty-nine equities depreciated, higher than 41 equities in the previous week, while 47 equities remained unchanged, higher than the 36 recorded in the previous week.

Despite the general market dip, Fortis Global Insurance Plc emerged as the top gainer, with its share price leaping 56.67 per cent to close at N0.94. Other significant gainers included Okomu Oil Palm Plc (+20.92 per cent) and Infinity Trust Mortgage Bank Plc (+20.63 per cent). On the losing side, Associated Bus Company Plc led the decliners, shedding 25.00 per cent of its value.

A major highlight of the week was the regulatory intervention by the Exchange. Effective Monday, 23 February 2026, the NGX announced the suspension of trading in the shares of Zichis Agro-Allied Industries Plc. The move was made pursuant to Rule 7.0 of the Rulebook of the Exchange, which empowers the NGX to halt trading in the interest of the investing public.

In announcing the suspension of Zichis Agro-Allied, the NGX RegCo stated, “Trading License Holders and the investing public are hereby notified that pursuant to the provisions of Rule 7.0, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules), which states that notwithstanding any of the foregoing provisions, The Exchange may, in accordance with any of its rules, place the trading of any security on suspension.” It may also do so if it is of the view that such suspension will be in the interest of the investing public and in accordance with the SEC rules. The shares of Zichis Agro-Allied Industries Plc (Zichis or the company) have been suspended from trading on the facilities of Nigerian Exchange Limited, effective today, Monday, 23 February 2026.

“The suspension of trading in Zichi’s shares shall be lifted upon the conclusion of an investigation into the trading activities of the company’s shares.”

The Nigeria Customs Service has announced that its Advance Ruling Account grew from 60 in December 2024 to 173 in December 2025, adding that the initiative accounted for 2.9 per cent of total revenue from goods valued at N240.8bn in 2025.

The National Public Relations Officer of the service, Abdullahi Maiwada, a Deputy Controller of Customs, announced this in a statement on Sunday. According to the statement, Maiwada presented the figures while delivering a paper at the 17th Session of the Capacity Building Committee of the World Customs Organisation held at its headquarters in Brussels last week.

The paper was titled, “Communicating the Results of Capacity-Building Initiatives More Effectively: Nigeria Customs Service Experience and Lessons Learned.”

In his address to delegates from member administrations, Maiwada explained that the NCS, under the leadership of the Comptroller General of Customs, Adewale Adeniyi, who also serves as the Chairperson of the WCO Council, has deliberately transitioned from routine activity reporting to evidence-based storytelling that clearly demonstrates reform outcomes and measurable impact

On the Advance Ruling programme, Maiwada disclosed that, “83 Advance Rulings were issued in 2025, while registered accounts grew from 60 in December 2024 to 173 in December 2025, reflecting a 188.3 per cent increase in stakeholder participation. The initiative accounted for 2.9 per cent of total revenue from goods valued at N240.8bn in 2025, reinforcing the role of structured communication in promoting predictability and voluntary compliance.”

According to him, the service’s reform communication framework is structured around three core pillars: institutional capacity building, human resource development, and stakeholder capacity engagement, ensuring that reforms are not only implemented but clearly understood and trusted.

Using the Time Release Study as a case study, Maiwada highlighted how the service adopted transparent data presentation tools, including infographics, to demonstrate that a significant proportion of cargo clearance delays were attributable to systemic idle time rather than inspection procedures.

“This approach shifted the narrative from defensive explanations to performance benchmarking, strengthening shared accountability across the trade ecosystem,” he said.

Highlighting progress under the Authorised Economic Operator Programme, he revealed that about 120 companies have received full AEO certification. “Additionally, 3,270 officers were trained nationwide as AEO champions to sustain implementation and deepen stakeholder engagement,” Maiwada stressed.

He referenced the deployment of the indigenous Unified Customs Management System, called B’Odogwu, as a milestone in digital transformation, supported by continuous sensitisation and user engagement.

The NCS’s image maker further highlighted the Customs Integrity Perception Survey as a data-driven tool for strengthening accountability and public trust, noting that integrity management within the service is now measurable and continuously assessed.

Maiwada further encouraged WCO member administrations to integrate communication units at the design stage of reform initiatives, humanise institutional processes, sustain engagement beyond single events, and strengthen peer learning across Customs administrations.

The Advance Ruling initiative is a trade facilitation mechanism introduced by the NCS. It allows importers, exporters, customs brokers, and other qualified operators to request a written, binding decision from Customs on key aspects of a goods transaction before the goods are imported or exported. These decisions cover issues such as tariff classification, valuation, origin, and certain duty exemptions — giving traders clarity and certainty on customs treatment in advance.

About 14.66 per cent of Nigeria’s crude oil production in 2025 was likely committed to servicing crude-backed loan facilities, based on estimates derived from disclosures in the Nigerian National Petroleum Company Limited’s 2024 financial statements and official production data.

An analysis by The PUNCH shows that four major crude-secured arrangements — Project Gazelle, Project Yield, Project Leopard, and Eagle Export Funding — are backed by a combined 213,000 barrels of crude oil per day.

If this allocation remained unchanged throughout 2025, the total volume committed to debt servicing would amount to 77.75 million barrels for the year, calculated by multiplying 213,000 barrels per day by 365 days.

Data from the Nigerian Upstream Petroleum Regulatory Commission indicate that Nigeria produced 530.41 million barrels of crude oil between January and December 2025.

The 77.75 million barrels tied to crude-for-loan arrangements therefore represent 14.66 per cent of total annual production. Using the 2025 average Bonny Light price of $72.08 per barrel, the 77.75 million barrels translate to about $5.60bn.

Converted at the official exchange rate of N1,492 to the dollar, the crude potentially deployed to service the loans is valued at approximately N8.36tn. This implies that out of the estimated gross crude oil earnings for 2025, a sizeable portion of output by volume was effectively earmarked for debt servicing before revenues could fully accrue to government coffers.

The obligations span multiple forward-sale and project-financing arrangements expected to be serviced through substantial crude oil and gas deliveries. These commitments have become a central pillar of NNPC’s funding framework following years of fiscal strain, volatile production, and declining upstream investment.

Several of the facilities were used to refinance legacy debts, fund refinery rehabilitation, support cash flow, and meet government revenue obligations.

One of the major exposures is linked to the Eagle Export Funding arrangement. Although the 2024 financial statement notes that “at least 1.8 million barrels” must be delivered per cycle, earlier reporting by The PUNCH indicates that the facility comprises three separate loan tranches.

The first, a $935m loan secured in 2020 and backed by 30,000 barrels per day, was fully repaid by September 2023. A second tranche of $635m was also cleared within the same period. The only outstanding portion is the Project Eagle Export Funding Subsequent 2 Debt, a $900m facility obtained in 2023 and secured against 21,000 barrels per day.

Repayment was scheduled to commence in June 2024, with final maturity expected in 2028. As of December 2024, the outstanding balance stood at N1.1tn, making Eagle one of the company’s significant forward-sale exposures.

“The company had capital commitments of N1.1tn as at the year ended 31 December 2024 (31 December 2023: N1.2tn). This relates to the forward sale agreement with Eagle Export Funding Limited for the delivery of Crude Oil.

“Under the contract, Eagle Export Funding Limited will make an upfront payment to NEPL for crude in a Forward Sale Agreement. The payment received is required to be settled with the delivery of crude oil volumes, i.e., NEPL sells crude to Eagle Export Funding Limited based on a delivery schedule.

“Based on the agreement, at least 1,800,000 barrels of Crude oil must be nominated and scheduled by NEPL (and delivered at the relevant delivery terminal to Eagle Export Limited in every delivery period commencing on 28 August 2020,” the NNPC financial statement read.

Another significant obligation arises from the incremental gas-supply financing arrangement with Nigeria LNG Limited. Under the agreement, NLNG provided upfront funding of N772bn for gas supplies to be delivered over time.

By the end of 2024, gas worth N535bn had been drawn and N312bn recovered by NLNG, leaving N460bn yet to be supplied. A financing charge of N12bn also accrued during the period, bringing the total outstanding balance to N472bn.

The refinery rehabilitation programme accounts for some of the largest crude-secured debt commitments. Project Yield, the financing structure backing the Port Harcourt Refinery upgrade, had an outstanding drawdown of N1.4tn at the close of 2024.

The agreement requires NNPC to deliver refined-product-equivalent volumes of 67,000 barrels per day, with repayment scheduled to begin in June 2025 after a two-and-a-half-year moratorium.

“This is a 7-year N1.5tn PxF loan obtained in October 2022 for general corporate purposes with the ultimate use being the execution of the EPC Contract between PHRC and Tecnimont for the rehabilitation of Port Harcourt Refinery.

“It is secured with a forward sale of refined product equivalent of 67kbpd of crude oil. As of 31 December 2024, the amount drawn is N1.4tn with principal repayment to commence in June 2025 after a moratorium period of two years and 6 months. Therefore, loan commitment as of 31 December 2024 is N1.4tn,” the financial statement read.

Similarly, Project Leopard, another crude-backed forward-sale facility, carried an outstanding balance of N1.3tn. The five-year financing agreement commits the company to deliver 35,000 barrels of crude oil per day, with repayments expected to begin in mid-2025 after a six-month moratorium.

The largest exposure relates to Project Gazelle, a substantial crude-for-cash arrangement used to finance advance tax and royalty payments on Production Sharing Contract assets.

NNPC had drawn N4.9tn out of the total N5.1tn facility by December 2024. Crude valued at N991bn had been delivered, leaving an outstanding N3.8tn. The agreement requires sustained deliveries of 90,000 barrels per day until the liability is fully extinguished.

Taken together, the company’s major crude-for-loan facilities — Eagle Export Funding (21,000 bpd), Project Yield (67,000 bpd), Project Leopard (35,000 bpd) and Project Gazelle (90,000 bpd) — represent a combined commitment of 213,000 barrels per day, in addition to separate gas-delivery obligations under the NLNG arrangement.

Although the N8.36tn estimate reflects the gross market value of crude tied to loan servicing, actual fiscal receipts depend on pricing formulas, lifting schedules, repayment structures and other contractual terms.

The PUNCH earlier reported that Nigeria earned an average of N55.5tn from crude oil sales in 2025, compared to N50.88tn in 2024. NUPRC data show that Nigeria produced 530.41 million barrels of crude oil between January and December 2025, with output fluctuating during the year amid outages, operational disruptions and gradual recovery in some fields.

Industry analysts noted that the revenue figure represents gross earnings and does not account for production costs, joint venture cash calls, production-sharing contract cost recovery, oil theft, domestic supply obligations, or deferred liftings.

Nonetheless, the analysis highlights the scale of crude inflows generated during the year and underscores the importance of output stability and price performance to Nigeria’s oil-dependent economy.