Minister Of Finance Commends NUPRC As Nigeria’s Daily Oil Production Hits 1.84 Million Barrels

Finance Minister Wale Edun lauds NUPRC as daily oil production reaches 1.84 million barrels. Learn about the 2 million bpd target and Executive Order 9.

By: AXL Media

Published: Apr 4, 2026, 6:46 AM EDT

Source: The information in this article was sourced from Peoples Gazette

Oil Production Recovery and Growth

Nigeria’s daily oil production has reached a significant milestone of 1.84 million barrels per day (bpd), drawing praise from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. During a visit by NUPRC Chief Executive Oritsemeyiwa Eyesan to the Ministry of Finance headquarters in Abuja, the Minister described the achievement as "fantastic news" that aligns directly with the federal government's mandate to stabilize the national economy through increased energy exports.

Resolving Technical Bottlenecks

The current production level marks a steady recovery from a dip recorded in February 2026. NUPRC Chief Executive Ms. Eyesan attributed the previous decline to scheduled turnaround maintenance and unforeseen incidents at several key facilities. However, she confirmed that these technical issues have been fully resolved, allowing for a consistent upward trajectory in output. The Minister urged the commission to maintain this momentum, emphasizing that the ultimate goal remains a sustained production rate of two million barrels per day.

Strategic Licensing and the "Drill or Drop" Clause

The NUPRC is currently in the technical and financial evaluation stages of the 2025 licensing round. Ms. Eyesan expressed optimism regarding future growth, specifically highlighting the "drill or drop" provisions within the Petroleum Industry Act (PIA). This clause empowers the regulatory body to revoke licenses for dormant oil blocks, ensuring that acreages are utilized productively. The commission expects several newly offered acreages to begin active production within a year, bolstered by the growing technical capacity of indigenous Nigerian firms.