Tinubu's Oil Reforms Drive Investment, Boost Production to 1.82m bpd

Nigeria's oil and gas sector has seen significant growth under President Bola Tinubu's administration, according to Rehoboth Media Limited. The company commended Tinubu for appointing Senator Heineken Lokpobiri as Minister of State for Petroleum Resources (Oil), citing his performance as a major factor in the developments recorded in the sector.

Lokpobiri attributed the increase in oil production to committed efforts by the government and stakeholders. Nigeria's crude oil production has risen from below one million barrels per day of crude and condensate when the administration assumed office in 2023, to over 1.82 million barrels a day.

The minister also disclosed that the number of active oil rigs had risen from fewer than 10 when the administration assumed office to more than 70 currently. He cited investments by major international oil companies, including Shell and ExxonMobil, as well as projects such as Bonga North, Bonga Southwest and Zabazaba.

Lokpobi further explained that proceeds from fuel subsidy removal were being properly utilised, with monthly allocations by the Federation Account Allocation Committee (FAAC) rising from less than N600 billion before the Tinubu administration to over N2 trillion.