By Ejire Folakunmi
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) following an increase in the country’s daily crude oil production to 1.84 million barrels per day (mbpd).
Edun gave the commendation when the Commission Chief Executive (CCE) of NUPRC, Mrs Oritsemeyiwa Eyesan, visited the Federal Ministry of Finance headquarters in Abuja on April 2, 2026.
“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news and in line with the mandate of Pres. Bola Tinubu,” Edun said.
He urged the Commission to sustain the momentum and push production levels to the government’s target of 2mbpd.
“What matters is not just reaching certain heights but sustaining it. We do not want any decline. The trajectory should be maintained, and of course, the target is 2mbpd,” he added.
The Minister noted that efforts to ramp up production predated the ongoing tensions in the Middle East, stressing that the government had already prioritised increased output.
Earlier, Eyesan confirmed that crude oil production had recently reached 1.84mbpd, describing it as a significant milestone.
“We are doing 1.84 million barrels per day. That is a remarkable feat, but we are confident of achieving more,” she said.
She attributed the earlier dip in production in February to incidents affecting key facilities, as well as routine maintenance, noting that the challenges have been resolved.
“We are now seeing production ramping up,” she added.
On the 2025 licensing round, Eyesan disclosed that the process has entered the technical and financial evaluation stage.
She expressed optimism about the sector’s outlook, citing provisions such as the “drill or drop” policy in the Petroleum Industry Act, which allows the Commission to revoke dormant oil blocks.
According to her, some of the acreages currently on offer could begin production within a year, with indigenous companies demonstrating strong capacity.
Eyesan also stated that the Commission has complied with Executive Order 9 of 2026, which mandates the suspension of the 30 per cent Frontier Exploration Fund (FEF) deductions and directs their remittance to the Federation Account.
The development signals renewed momentum in Nigeria’s oil sector as the government pushes to boost output and strengthen revenue generation.