Edun Hails NUPRC as Oil Output Hits 1.84m Barrels, Eyes 2m Target

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

Edun gave the commendation on Wednesday when the Commission Chief Executive of NUPRC, Oritsemeyiwa Eyesan, visited his office in Abuja.

Describing the development as “fantastic news,” the minister said the milestone aligns with President Bola Tinubu’s mandate to increase national oil output and strengthen government revenues. He urged the commission to sustain the momentum and push production further toward two million barrels per day.

Edun also noted that despite global uncertainties, including the ongoing crisis in the Middle East, the administration had already prioritised increased oil production as part of its economic strategy.

Responding, Eyesan said the Commission remained committed to sustaining and improving output levels, noting that recent production had recovered after earlier disruptions caused by incidents on key facilities and scheduled maintenance activities. She said operations have since stabilised and output is steadily rising.

She also disclosed that the Commission is currently at the technical and financial evaluation stage of the 2025 licensing round, expressing optimism about the sector’s growth prospects.

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According to her, provisions in the Petroleum Industry Act, including the “drill or drop” policy, are helping to improve efficiency by ensuring that inactive oil assets are reactivated or revoked.

Eyesan further informed the minister that the Commission has fully complied with Executive Order 9 of 2026, which suspends the 30 percent Frontier Exploration Fund deduction and mandates direct remittance of revenues to the Federation Account.