By ifeoma Onyekachi

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for increasing Nigeria’s daily crude oil production to 1.84 million barrels per day.

Edun gave the commendation during a meeting with the Chief Executive of the Commission, Oritsemeyiwa Eyesan, who visited the Ministry of Finance headquarters in Abuja to brief the minister on developments in the upstream petroleum sector.

According to a statement issued by the Commission’s Head of Media and Corporate Communications, Eniola Akinkuotu, the finance minister described the production increase as encouraging and aligned with the Federal Government’s economic objectives.

He noted that the improvement in production levels supports the administration’s revenue drive and economic recovery efforts, urging the Commission to sustain the momentum and work towards achieving the national production target of two million barrels per day.

Edun also referenced the ongoing conflict in the Middle East, describing the situation as unfortunate, but noted that the Federal Government had already directed relevant agencies to increase oil production even before the crisis began.

He emphasised the importance of maintaining steady growth in production without disruptions, stressing that consistency in output would be critical to Nigeria’s revenue stability and economic planning.

Earlier in her remarks, Eyesan confirmed that Nigeria’s crude oil production had risen to 1.84 million barrels per day, describing the development as a significant milestone for the sector.

She explained that a temporary drop in production recorded in February was caused by incidents at some key oil facilities as well as planned maintenance operations, but added that the issues had since been resolved and production levels were now recovering steadily.

Eyesan also provided updates on the 2025 oil licensing round, stating that the process had reached the technical and financial evaluation stage.

She expressed optimism about increased investment and production growth in the sector, citing regulatory reforms and provisions in the Petroleum Industry Act, including the “drill or drop” clause, which allows the Commission to withdraw licences from operators who fail to develop oil blocks within a specified period.

According to her, some of the oil blocks offered during the licensing round could begin production within a year, noting that indigenous oil companies now have the technical and financial capacity to develop the assets.

Eyesan further stated that the Commission had fully complied with Executive Order 9 of 2026, which suspended the 30 per cent Frontier Exploration Fund deduction from oil and gas company profits and directed that the funds be remitted directly to the Federation Account.

She said the directive also covers other management fees and is aimed at improving government revenue and transparency in the oil and gas sector.

She expressed confidence that ongoing reforms, improved regulation, and increased investment would continue to support growth in Nigeria’s upstream petroleum industry.