Minister of Finance, Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for raising daily oil production to 1.84 million barrels.

Mr Edun spoke when NUPRC Chief Executive, Oritsemeyiwa Eyesan, visited the Ministry of Finance headquarters in Abuja.

This is contained in a statement on Friday by the commission’s Head of Media and Corporate Communication, Eniola Akinkuotu.

Mr Edun said,  “It is heartening that you can tell us production is 1.84 million barrels per day. That is fantastic news. That aligns fully with President Bola Tinubu’s mandate. You have started well. Please keep it up.”

Mr Edun described the Middle East conflict as unfortunate, noting that Mr Tinubu had already directed increased oil production before the crisis.

He urged the commission to intensify efforts toward achieving two million barrels per day output.

“I wish you continued success. What matters is sustaining progress. We do not want any interruption along the way. The trajectory must be maintained, and the target remains two million barrels per day,” the coordinating minister of the economy said.

Earlier, Ms Eyesan confirmed that daily crude production had reached 1.84 million barrels.

“We are doing 1.84 million barrels per day. It is a remarkable feat, but we are confident of further growth,” she said.

She attributed February’s production dip to incidents at key facilities and scheduled turnaround maintenance.

“But those issues have been resolved, and production is now increasing steadily,” Mr Eyesan said.

On the 2025 licensing round, she said the commission was currently at the technical and financial evaluation stage.

Ms Eyesan expressed optimism about sector growth, citing provisions such as the “drill or drop” clause in the Petroleum Industry Act.

She noted the clause empowered the commission to revoke licences for dormant oil blocks.

She added that some offered acreages could begin production within a year, highlighting strong capacity among indigenous firms.

Ms Eyesan said the commission had complied fully with Executive Order 9 of 2026.

She explained that the order suspended the 30 per cent Frontier Exploration Fund deduction from oil and gas profits.

She added that the directive also covers other management fees and mandates direct remittance to the Federation Account.

(NAN)