By Seun Ibiyemi
The Minister for Finance, Wale Edun has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting Nigeria’s daily oil production to 1.84 million barrels per day, calling the achievement “fantastic” and urging continued progress toward the two million barrels per day target.
Edun made the remarks during a visit by NUPRC Chief Executive Oritsemeyiwa Eyesan to the Ministry of Finance headquarters in Abuja.
He noted that the production milestone aligns with President Bola Ahmed Tinubu’s mandate to increase oil output, stressing the importance of sustaining the upward trajectory.
“It is heartening that you can tell us production is 1.84 million barrels per day. That is fantastic news. You have started well. Please keep it up,” Edun said, while describing the Middle East conflict as an unfortunate development.
During the meeting, Eyesan confirmed the current production level and attributed February’s earlier dip to incidents at key facilities and scheduled maintenance.
“Those issues have been resolved, and production is now increasing steadily,” she said, adding that the Commission remains confident of further growth.
On the 2025 licensing round, Eyesan explained that NUPRC is at the technical and financial evaluation stage, with the “drill or drop” clause under the Petroleum Industry Act allowing revocation of licences for dormant oil blocks.
She expressed optimism that some of the offered acreages could begin production within a year, highlighting strong capacity among indigenous firms.
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Eyesan also noted that the Commission has complied fully with Executive Order 9 of 2026, which suspended the 30 per cent Frontier Exploration Fund deduction from oil and gas profits, mandated direct remittance to the Federation Account, and covered other management fees.
Edun urged the Commission to intensify efforts to reach the two million barrels per day goal, emphasizing that sustaining progress is critical for the country’s economic trajectory.
The meeting underscores the government’s focus on maximizing oil output while ensuring regulatory compliance and sector growth.
