Nigeria’s Minister of Finance, Wale Edun, has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting the country’s daily crude oil production to 1.84 million barrels.
Edun gave the commendation during a meeting with the Commission’s Chief Executive, Oritsemeyiwa Eyesan, at the Ministry of Finance headquarters in Abuja. He described the development as encouraging and in line with the mandate of President Bola Ahmed Tinubu.
“It is heartening that production has reached 1.84 million barrels per day. That is fantastic news,” Edun said, urging the Commission to sustain the momentum and work towards achieving the government’s target of two million barrels per day.
The minister emphasised the importance of maintaining steady growth without disruptions, noting that consistent production levels are critical to Nigeria’s economic stability. He also referenced the ongoing Middle East tensions, describing the situation as unfortunate, but noted that the directive to ramp up oil production had already been issued prior to the crisis.
In her remarks, Eyesan confirmed the current production figure, describing it as a significant milestone while expressing confidence in further increases. She explained that earlier fluctuations in output, particularly in February, were due to operational challenges at key facilities and scheduled maintenance activities.
According to her, those issues have since been resolved, leading to a steady rise in production levels.
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Eyesan also provided updates on the 2025 licensing round, stating that the process has reached the technical and financial evaluation stage. She expressed optimism about the sector’s growth, citing provisions in the Petroleum Industry Act, including the “drill or drop” clause, which allows regulators to revoke licences for inactive oil blocks.
She further revealed that some newly allocated acreages could commence production within a year, highlighting the growing capacity of indigenous oil firms.
On policy compliance, Eyesan noted that the Commission has fully implemented Executive Order 9 of 2026, which suspends the 30 per cent Frontier Exploration Fund deduction and mandates direct revenue remittance to the Federation Account.
