Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has applauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for driving crude oil production to 1.84 million barrels per day, describing the achievement as a major boost for the economy.
Edun made the commendation when NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, paid him a courtesy visit at the ministry’s headquarters in Abuja on April 2, 2026. He noted that the current output fully aligns with President Bola Tinubu’s vision for the sector and urged the commission to sustain the momentum.
“This is fantastic news,” Edun said, adding that the administration had directed higher production targets long before the Middle East conflict escalated. He called on the NUPRC to intensify efforts and hit the two-million-barrels-per-day mark. “What matters is not just reaching certain heights but sustaining them. The trajectory must continue,” he stressed.
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Eyesan confirmed the daily production figure, describing it as remarkable while expressing confidence that further gains were possible. She attributed a February dip to technical hitches on key facilities and scheduled maintenance, both of which have now been resolved, leading to a steady ramp-up.
On the ongoing 2025 licensing round, now at the technical and financial evaluation stage, Eyesan voiced strong optimism. She highlighted the Petroleum Industry Act’s “drill or drop” clause, which allows revocation of idle leases, and noted that several offered acreages could begin producing within a year. Indigenous operators, she added, are demonstrating impressive capabilities.
The NUPRC boss also confirmed full compliance with Executive Order 9 of 2026, which suspends the 30 percent Frontier Exploration Fund deduction from profit oil and gas and ensures direct remittance of the funds to the Federation Account.
