Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for steering the country’s oil sector to a production level of 1.84 million barrels per day in recent days.
Edun gave the commendation during a courtesy visit by NUPRC’s Chief Executive, Oritsemeyiwa Eyesan, to his office.
In a statement issued by Eniola Akinkuotu, Head of Media and Corporate Communication, the minister described the achievement as “fantastic news” and aligned it with President Bola Tinubu’s directive to boost output.
He urged the Commission to sustain the momentum and push towards the two million barrels per day target.
While acknowledging that the ongoing conflict in the Middle East has complicated global energy markets, Edun stressed that Tinubu had already mandated increased production before the crisis began.
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Eyesan, in her remarks, confirmed that the Commission is determined to surpass current levels.
She explained that February’s dip in output was due to incidents at strategic facilities and scheduled maintenance, but assured that these challenges have been resolved and production is ramping up.
On the 2025 licensing round, Eyesan revealed that the process has advanced to the technical and financial stage.
She showed optimism about sectoral growth, citing provisions in the Petroleum Industry Act such as the “drill or drop” clause, which empowers the Commission to revoke dormant leases.
Eyesan further informed the minister that NUPRC has complied with Executive Order 9 of 2026, which suspends the 30 per cent Frontier Exploration Fund deduction from profit oil and gas, ensuring direct remittance to the Federation Account.
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