The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed confidence that the ₦58.18 trillion 2026 Federal Budget, based on a crude oil production target of 1.84 million barrels per day (mbpd) and an oil price benchmark of between $64 and $65 per barrel, is realistic and achievable.
Speaking to journalists at the Abuja airport, the National President of PETROAN, Dr Billy Gillis-Harry, described the 2026 Budget as a strategic and forward-looking framework capable of repositioning Nigeria’s oil and gas sector for sustainable growth, improved efficiency, and enhanced energy security.
He said increased and targeted investments in upstream oil and gas operations would boost crude oil output through field rehabilitation, renewed exploration activities, and sustained support for marginal fields and deep offshore operations, thereby improving national production and government revenue.
PETROAN noted that the crude oil production projection in the 2026 Budget can be achieved if security around oil and gas assets is significantly improved and host communities are effectively engaged in line with provisions of the Petroleum Industry Act (PIA). The association stressed that stronger host community inclusion and participation are critical to protecting infrastructure, reducing losses, and ensuring long-term stability in oil-producing areas.
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Dr Gillis-Harry also underscored the importance of adequate funding for key regulatory institutions, particularly the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). According to him, well-funded regulators are essential for effective implementation of the PIA, improved transparency, and renewed investor confidence across the sector.
The association further called for sustained budgetary support for local refining, modular refineries, and petrochemical development, noting that increased domestic refining capacity would reduce fuel imports, conserve foreign exchange, create jobs, and stabilize the downstream petroleum sector.
On national security, PETROAN commended President Bola Ahmed Tinubu for the significant allocation to security in the 2026 Budget, noting that economic growth and energy stability can only thrive in a safe and secure environment.
The association also renewed its call for the privatization of Nigeria’s four state-owned refineries, urging that the process be transparently concluded by the first quarter of 2026 to improve efficiency, attract private capital and technical expertise, eliminate recurrent fiscal burdens, and ensure sustainable refinery operations.
PETROAN expressed optimism that effective implementation of the 2026 Budget, anchored on security, host community inclusion, regulatory efficiency, private sector participation, and refinery sector reforms, would strengthen the oil and gas sector, enhance national energy security, boost government revenue, and support sustainable economic development.
