Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to work towards increasing Nigeria’s crude oil production to a 2 million barrels per day (mbpd) target.
The minister made the call during a meeting with the NUPRC Chief Executive, Mrs. Oritsemeyiwa Eyesan, at the Federal Ministry of Finance headquarters in Abuja on Thursday, April 2, 2026.
This follows a significant rebound in output, which has officially reached 1.84 mbpd, including condensates, according to the Commission.
According to a statement signed by the NUPRC Head of Media and Corporate Communication, Eniola Akinkuotu, on Friday, the Minister of Finance applauded the Commission for spearheading activities in the petroleum sector that led to hitting a production level of 1.84 million barrels in recent days.
“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news. That is totally in line with the mandate of President Bola Tinubu.
“Clearly, you have started on a very good note. Please keep it up,” Edun told the NUPRC boss.
Speaking earlier during the meeting, Eyesan confirmed that the nation’s oil production output has been hovering around 1.84mbpd in recent days.
“We are doing 1.84 million barrels per day. That is a remarkable feat, but I am sure we will do more,” she assured the minister.
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The rise to 1.84 mbpd confirmed by the NUPRC boss is a sharp recovery from the 1.48 mbpd recorded in February 2026.
The recent dip in production was attributed to operational disruptions and scheduled turnaround maintenance on key infrastructure, which Eyesan confirmed have now been resolved.
“But all that has been fixed and we are seeing production ramping up,” Eyesan said.
The finance minister described the war in the Middle East as unfortunate but said President Bola Tinubu had mandated an increased production even before the crisis began.
Highlighting the need to hit the 2 mbpd benchmark, Edun said it is a strategic priority for President Tinubu’s administration to stabilize the economy and boost national revenue.
“I wish you continued success. What matters is not just reaching a certain height but sustaining it. We don’t want any stopping along the way. The trajectory should be maintained, and of course, the magic figure is 2mbpd,” Edun stated.
During the meeting, the NUPRC boss also provided updates on ongoing efforts to sustain and increase production.
She highlighted that the “drill or drop” provision in the Petroleum Industry Act (PIA) is effectively pushing operators to activate dormant assets or risk revocation.
2025 Licensing Round
Eyesan said the commission has advanced to the technical and financial stage of the licensing round for 50 oil blocks.
She expressed optimism that some of these new acreages could begin production within a year.
Executive Order 9
Eyesan also confirmed that the commission has fully complied with Executive Order 9 of 2026, which suspends certain deductions (like the 30 per cent Frontier Exploration Fund levy) and mandates direct remittance of funds to the Federation Account.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
