Tinubu Praises Oil Production Surge to 1.6mbpd, Expresses Satisfaction with Gas Sector Resurgence Amid Protests

 

Nigerian President, Bola Tinubu has lauded the recent rise in crude oil production to 1.6 million barrels per day (mbpd) during a nationwide broadcast on Sunday.

The increase follows emergency measures introduced by the Nigerian National Petroleum Company Limited (NNPCL) aimed at addressing production gaps.

Tinubu’s address comes in the context of ongoing protests against economic hardship and high living costs. He highlighted that Nigeria’s gas assets, previously underutilized, are now receiving significant attention.

The President further noted that this resurgence in the oil and gas sector is attracting new investments.

Since the implementation of reforms in May 2024, the government has secured two Foreign Direct Investments, totaling over half a billion dollars.

“Our oil and gas industry, which had been declining, is now experiencing a revival due to the reforms introduced to address gaps in the Petroleum Industry Act,” Tinubu stated. “Last month, we raised oil production to 1.61 million barrels per day, and our gas assets are finally receiving the attention they deserve.”

Addressing the country’s reliance on oil-based petrol and the neglect of gas resources, Tinubu announced the launch of the Compressed Natural Gas (CNG) Initiative. This programme aims to power the transportation sector and reduce costs.

The President assured that the CNG initiative would save over two trillion Naira monthly, previously used for importing petrol and diesel, thereby freeing up resources for investment in healthcare and education.

“We are distributing one million CNG conversion kits at minimal or no cost to commercial vehicles, which consume 80% of imported fuel,” Tinubu said. “The initiative includes setting up conversion centers across the country in partnership with the private sector. We anticipate a 60% reduction in transportation costs and a decrease in inflation.”