The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) after the agency reported daily crude oil production had reached 1.84 million barrels. The figure was confirmed by NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan during her visit to the Federal Ministry of Finance in Abuja on Thursday. Edun described the output as "fantastic news" and aligned with President Bola Tinubu's mandate, urging the commission to sustain momentum toward the 2 million barrels per day target. He emphasized consistency over short-term gains, stating, "What matters is not just reaching certain heights but sustaining it."
Eyesan attributed a previous production dip in February to incidents affecting key facilities and scheduled maintenance, both of which have since been resolved. She noted that the 2025 licensing round is now in the technical and financial evaluation phase, with some acreages potentially delivering output within a year. Indigenous firms are participating actively, she said, citing the "drill or drop" provision of the Petroleum Industry Act as a key enforcement tool. The NUPRC also confirmed full compliance with Executive Order 9 of 2026, which suspends the 30% Frontier Exploration Fund deduction and mandates direct remittance to the Federation Account.
Reaching 1.84 million barrels per day is progress, but Wale Edun's public praise of NUPRC's Eyesan risks turning operational targets into political performance. The push for 2 million barrels per day means little if infrastructure, theft, and gas flaring continue unchecked. Without transparency on how much of this output is actually monetized, Nigerians are left applauding numbers that may not translate to revenue.
