Abuja: Nigeria’s Minister of Finance, Wale Edun, has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting crude oil production to 1.84 million barrels per day, calling the milestone a strong step toward achieving the government’s two‑million‑barrel target.
Edun spoke when NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, visited the Ministry of Finance headquarters in Abuja.
This is contained in a statement on Friday by Mr Eniola Akinkuotu, Head of Media and Corporate Communication at the Commission.
Praising the Commission’s recent performance, Edun said, “It is heartening that you can tell us production is 1.84 million barrels per day. That is fantastic news.”
He added, “That aligns fully with President Bola Tinubu’s mandate. You have started well. Please keep it up.”
Edun described the Middle East conflict as unfortunate, noting Tinubu had already directed increased oil production before the crisis.
He urged the Commission to intensify efforts to achieve 2 million barrels per day of output.
Expressing his aspirations for ongoing progress, Edun said, “I wish you continued success. What matters is sustaining progress. We do not want any interruption along the way.”
He emphasised, “The trajectory must be maintained, and the target remains two million barrels per day,” the coordinating Minister of the economy said.
Earlier, Eyesan confirmed that daily crude production had reached 1.84 million barrels.
Eyesan also remarked, “We are doing 1.84 million barrels per day. It is a remarkable feat, but we are confident of further growth.”
She attributed February’s production dip to incidents at key facilities and scheduled turnaround maintenance.
She reassured, “But those issues have been resolved, and production is now increasing steadily,” Eyesan said.
On the 2025 licensing round, she said the Commission was currently at the technical and financial evaluation stage.
Eyesan expressed optimism about sector growth, stating, for example, that the “drill or drop” clause in the Petroleum Industry Act supported this direction.
She noted the clause empowered the Commission to revoke licences for dormant oil blocks.
She added that some offered acreages could begin production within a year, highlighting strong capacity among indigenous firms.
Eyesan said the Commission had fully complied with Executive Order 9 of 2026, a regulation that affects how the government allocates oil and gas profits.
She explained that the order suspended the 30 per cent deduction from oil and gas profits under the Frontier Exploration Fund.
She added that the directive ensures management fees are remitted directly to the Federation Account.
