The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., has assured the National Assembly that the Federal Government remains firmly committed to surpassing the production output projections contained in the 2026 budget.
Lokpobiri gave the assurance while speaking at an interactive session on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), organized by the Senate Committee on Finance for stakeholders and the general public.
Addressing concerns regarding revenue parameters, the Minister explained that the government has adopted a strategic approach by distinguishing between its operational production targets and the conservative “budgetary benchmarks.
He noted that this deliberate distinction was designed to ensure clarity and realism in national planning, safeguarding the budget against volatility while driving the industry toward higher performance.
“Our commitment to production output remains firmly focused on surpassing the budgetary projection, and in that context, we have deliberately distinguished between our production target and the budgetary benchmark to ensure clarity and realism in planning,” Lokpobiri stated.
He added, “This distinction reflects our resolve to anchor fiscal expectations on performance that is achievable, growth-driven, and responsive to prevailing operational realities.”
Providing an update on the sector’s performance, Lokpobiri informed the lawmakers that the country’s current production capacity has been on a trajectory of steady, incremental improvement.
He attributed this positive outlook to a sustained drive for fresh investments and the aggressive rollout of new projects by key operators in the upstream sector.
The Minister expressed strong optimism that with these operational improvements, the nation is well-positioned to exceed its targets, thereby reinforcing the revenue projections that underpin the 2026 budget.
“With a sustained drive for investments and the rollout of new projects by operators, this trajectory strengthens our outlook. I expressed optimism that we will surpass our target, thereby reinforcing revenue projections and giving the 2026 budget a strong and credible footing,” he concluded.
