The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for piloting the petroleum sector to hit a production level of 1.84 million barrels in recent days.
Edun made the commendation when the NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, visited him in his Office.
A Statement by Eniola Akinkuotu
Head, Media and Corporate Communication says Edun applauds the Commission for reaching 1.84 million barrels per day, describing it as fantastic news.
Reiterating that it is in line with the mandate of President Bola Tinubu, acknowledging that she has
started on a very good note, urging the commission’s Chief Executive to keep it up.
The finance minister described the war in the Middle East as unfortunate but said President Bola Tinubu had mandated an increased production even before the crisis began.
He therefore urged the NUPRC to push the industry harder to hit two million barrels per day .
NUPRC Commission Chief Executive reveals that, though recent production has hit 1.84 million barrels per day, the Commission is determined to do more, she assured the minister.
She attributed the prior dip in production in February to some unfortunate incidents on some strategic facilities, as well as turnaround maintenance. Emphasising that all has been fixed, and production is ramping up.
On the 2025 licensing round, Eyesan said the Commission is now in the technical and financial stage. She expressed optimism over the growth of the petroleum sector in the near future, especially because of provisions like the “drill or drop” in the Petroleum Industry Act, which empowers the Commission to revoke leases of dormant acreages.
Eyesan also informed the minister that the Commission had fully complied with the Executive Order 9 of 2026, which directs the immediate suspension of the 30% Frontier Exploration Fund (FEF) deduction from profit oil and gas, alongside other management fees and the direct remittance of the same to the Federation Account.
