Tinubu's Reforms Boost Nigeria's Oil Sector

Rehoboth Media Limited has commended President Bola Tinubu for his efforts in reforming Nigeria's petroleum sector and increasing investment. The company's CEO, Susie Ogun, stated that Tinubu made the right choice by appointing Senator Heineken Lokpobiri as Minister of State for Petroleum Resources (Oil), which contributed to developments in the sector.

The minister highlighted significant progress under the current administration, citing increased crude oil production from less than 1 million barrels per day in 2023 to over 1.8 million barrels per day, including condensate. He also mentioned that international oil companies are responsible for about 90% of Nigeria's oil production, but indigenous companies now account for about 60% of local production.

Lokpobiri dismissed allegations that the proceeds from subsidy removal are not being properly utilized, stating that they are shared among the three tiers of government. He added that the government has attracted billions of dollars in investments, including those from Shell and ExxonMobil, and that indigenous companies now account for a significant portion of local production.