Finance Minister Wale Edun has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for achieving a daily crude oil production of 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 April 2, 2026. Edun described the output as "fantastic news" and aligned with President Bola Tinubu's pre-existing mandate for increased production, independent of the ongoing Middle East conflict. He urged the NUPRC to sustain the momentum and push toward the 2 million barrels per day (mbpd) target.
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 new acreages potentially yielding output within a year. Indigenous companies, she said, are demonstrating strong operational capacity. Eyesan also confirmed full compliance with Executive Order 9 of 2026, which suspends the 30% Frontier Exploration Fund deduction from profit oil and gas and mandates direct remittance to the Federation Account. She cited the "drill or drop" provision in the Petroleum Industry Act as a key tool for reactivating dormant oil blocks.
Hitting 1.84 million barrels per day is progress, but Wale Edun's public praise of Oritsemeyiwa Eyesan risks conflating short-term gains with lasting turnaround. The real test lies not in reaching a number, but in maintaining it amid aging infrastructure and unresolved security challenges in the Niger Delta. With the 2mbpd target now a mantra, the focus should shift from optimism to accountability—especially on how suspended fees like the 30% FEF will impact federal allocations. If past cycles are any guide, momentum fades when scrutiny wanes.
