RismadarVoice Reporters,April 3, 2026
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for recent gains in the country’s oil production, which has climbed to about 1.84 million barrels per day.
Edun gave the commendation when the Commission’s Chief Executive, Oritsemeyiwa Eyesan, paid him a visit at his office in Abuja.
In a statement issued by Eniola Akinkuotu, Head of Media and Corporate Communications, the minister described the current production level as encouraging, noting that the improvement aligns with President Bola Ahmed Tinubu’s directive to boost national output.
Edun said the development was a positive signal for the economy, urged the regulatory commission to sustain the momentum and push production towards the two million barrels per day target.
He also described the ongoing tensions in the Middle East as unfortunate but noted that Nigeria had already been working to increase its oil output even before the crisis began.
Responding, Eyesan said although daily production has recently reached 1.84 million barrels, the commission remains focused on further improving output.
She explained that the temporary decline recorded earlier in February was due to incidents affecting some critical facilities and routine maintenance activities, adding that the issues had since been resolved and production levels were gradually improving.
Eyesan also briefed the minister on developments regarding the 2025 oil licensing round, noting that the process had advanced to the technical and financial evaluation stage.
According to her, reforms introduced under the Petroleum Industry Act, including the “drill or drop” provision which allows the regulator revoke inactive oil leases, are expected to encourage investment and enhance productivity in the sector.
She further disclosed that the commission has complied with Executive Order 9 of 2026, which directed the suspension of the 30 per cent Frontier Exploration Fund deduction from profit oil and gas as well as other management charges, with the funds now remitted directly to the Federation Account.
Eyesan expressed optimism that the ongoing reforms and regulatory measures would support long-term growth in Nigeria’s petroleum industry.
