The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for steering the petroleum sector to a production level of 1.84 million barrels per day in recent days.

Edun made the commendation during a visit by the NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, to his office. According to Eniola Akinkuotu, Head of Media and Corporate Communication, the Finance Minister described the production milestone as “fantastic news” and noted that it aligns with the mandate of President Bola Tinubu. He encouraged Eyesan to maintain the momentum and push for even higher output.

The Finance Minister also commented on the ongoing conflict in the Middle East, calling it unfortunate, but highlighted that President Tinubu had already directed increased production prior to the crisis. He urged the NUPRC to target a daily production of two million barrels.

In response, Eyesan confirmed that although production recently reached 1.84 million barrels per day, the Commission remains committed to further growth. She attributed a dip in February production to incidents at strategic facilities and scheduled maintenance, all of which have now been resolved.

Eyesan provided an update on the 2025 licensing round, stating that the process is currently in the technical and financial evaluation stage. She expressed optimism about the sector’s growth, citing provisions in the Petroleum Industry Act, including the “drill or drop” policy that allows the Commission to revoke leases on dormant acreages.

The Commission has also fully complied with Executive Order 9 of 2026, which mandates the suspension of the 30% Frontier Exploration Fund (FEF) deduction from profit oil and gas, along with other management fees, and the direct remittance of these funds to the Federation Account.

This development underscores the government’s commitment to boosting oil production and ensuring transparency and efficiency in Nigeria’s petroleum sector.