By| Goodluck E.Adubazi | Abuja
Nigeria’s daily crude oil production has risen to 1.84 million barrels per day, drawing commendation from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the milestone.
Edun gave the commendation during a meeting with the Commission’s Chief Executive, Oritsemeyiwa Eyesan, at the Federal Ministry of Finance headquarters in Abuja.
Describing the development as “fantastic news,” the minister said the improved output aligns with the directive of President Bola Tinubu to boost oil production. He urged the regulator to sustain the momentum and push towards the government’s target of 2 million barrels per day.
“What matters is not just reaching certain heights but sustaining it. The trajectory should be maintained, and of course, the magic figure is 2mbpd,” Edun said.
He noted that while the ongoing conflict in the Middle East is unfortunate, Nigeria had already set its sights on increasing production prior to the crisis.
Earlier, Eyesan confirmed that recent output had climbed to 1.84 million barrels per day, describing it as a significant achievement while expressing confidence in further growth.
She explained that a dip in production recorded in February was due to operational disruptions at key facilities and routine maintenance but assured that those issues had been resolved, leading to the current rebound.
On sector developments, the NUPRC chief disclosed that the 2025 licensing round has progressed to the technical and financial evaluation stage. She also highlighted the positive impact of provisions in the Petroleum Industry Act, particularly the “drill or drop” clause, which allows the Commission to revoke inactive oil blocks.
According to Eyesan, some of the newly offered acreages could begin production within a year, with indigenous firms demonstrating growing operational capacity.
She further revealed that the Commission has complied fully with Executive Order 9 of 2026, which mandates the suspension of certain deductions, including the 30 percent Frontier Exploration Fund, and directs their remittance to the Federation Account.
The developments signal renewed momentum in Nigeria’s oil sector, raising expectations of stronger revenue performance in the months ahead.
