Nigeria's crude oil production has seen a significant increase of 80% in the last three years, reaching 1,824,000 barrels per day. According to Minister of State for Petroleum Resources, Heineken Lokpobiri, the country's oil production was less than one million barrels per day when he took over office. The increase in production is attributed to reforms, investments, and renewed activity in the industry.
The increase in oil production has been commended by industry stakeholders, including the Chief Executive Officer of Rehoboth Media, Susie Ogun. Ogun praised President Bola Tinubu for the progress and stability in Nigeria's petroleum sector. Lokpobiri also highlighted that before the current government came into office, there was zero investment in Nigeria's oil and gas sector for over 10 years. However, 60% of investments in the sector are now coming to Africa.
The Minister of State for Petroleum Resources also noted that the number of active rigs in the country has increased significantly. When the current government came into office, there were fewer than 10 active rigs. However, the number has now risen to over 70 active rigs, indicating enormous activity and investment in the oil and gas sector. This increase in rig counts is expected to further boost oil production in the country.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Tinubu to direct an investigation into alleged diversion of over N94.4 billion in public funds by the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). According to SERAP, the funds were allegedly diverted, unremitted, or irregularly spent. The organization also called for the recovery and remittance of all affected public funds to the treasury.
The allegations of fund diversion were contained in the 2024 (Volume 2) Annual Report of the Auditor-General of the Federation, published on August 7, 2026. The report covered various periods between January and December 2023 and ending on December 31, 2024. SERAP has also urged the President to direct the MDGIF to submit and publish its audited financial statements for 2022, 2023, and 2024.
Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has also called on President Tinubu to probe the Nigerian National Petroleum Company (NNPCL) over its N11.2 trillion claim. Atiku expressed concerns about the lack of transparency in the use of funds for pipeline surveillance and protection of Nigeria's oil and gas assets. He demanded a full account of the funds and how they were utilized.
The issue of subsidy removal proceeds has also been addressed by Lokpobiri. He explained that most of the proceeds are shared among the three tiers of government, with over N2 trillion being shared. Lokpobiri emphasized the need for citizens to hold their state and local governments accountable for the use of the funds. The funds are also targeted at new initiatives such as student loans, social investments, and CNG.
Key points
- Nigeria's crude oil production has increased by 80% to 1,824,000 barrels per day in the last three years.
- SERAP has urged President Tinubu to investigate alleged diversion of over N94.4 billion in public funds by MDGIF and NUPRC.
- Atiku Abubakar has called on President Tinubu to probe NNPCL over its N11.2 trillion claim and lack of transparency in the use of funds for pipeline surveillance.
