Minister of Finance, Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting Nigeria’s daily crude oil production to 1.84 million barrels.
Edun gave the commendation during a meeting at the Ministry of Finance headquarters in Abuja with the Commission’s Chief Executive, Oritsemeyiwa Eyesan.
In a statement issued on Friday by the Commission’s Head of Media and Corporate Communication, Mr Eniola Akinkuotu, the minister described the development as highly encouraging.
“It is reassuring to hear that production has reached 1.84 million barrels per day. That is excellent progress,” Edun said, noting that the achievement aligns with the directive of President Bola Ahmed Tinubu.
He urged the Commission to sustain the momentum and work towards the target of two million barrels per day.
“What matters now is consistency. We must avoid disruptions and maintain this upward trajectory until we hit our goal of two million barrels daily,” he added.
Edun also described the ongoing Middle East conflict as unfortunate but noted that the President had already directed an increase in oil production prior to the crisis.
Earlier, Eyesan confirmed that current output stands at 1.84 million barrels per day, describing it as a significant milestone with room for further growth.
She explained that a temporary drop in production recorded in February was due to incidents at major facilities and planned maintenance operations, but assured that those challenges have been resolved.
“Production is now steadily rising again,” she said.
On the 2025 licensing round, Eyesan disclosed that the process has reached the technical and financial evaluation stage, expressing confidence in continued sector growth.
She also highlighted the impact of the “drill or drop” provision in the Petroleum Industry Act, which allows the Commission to withdraw licences from inactive operators, adding that some newly allocated oil blocks could begin production within a year.
Eyesan further noted that the Commission has fully complied with Executive Order 9 of 2026, which suspended the 30 per cent Frontier Exploration Fund deduction from oil and gas profits and mandated direct remittance of revenues to the Federation Account.