Oritsegbubemi Omatseyin
Lagos — The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has presented the Ministry’s 2025 budget performance and 2026 budget proposal to the Joint Committee on Petroleum Resources of the Senate and House of Representatives at the National Assembly in Abuja.
In his presentation, Senator Lokpobiri provided an update on the implementation of the 2025 budget, informing the Joint Committee that while the personnel and overhead components recorded optimal utilization, there were no releases for the capital component of the 2025 Appropriation Act.
For the 2026 fiscal year, the Minister presented a budget proposal designed to strengthen institutional capacity, enhance regulatory oversight, support ongoing reforms in the oil and gas sector, and ensure effective policy coordination across the industry.
He emphasized the strategic importance of the petroleum sector to Nigeria’s economy, noting that it accounts for approximately 90 per cent of the country’s foreign exchange earnings.
Describing the Ministry of Petroleum Resources as a pivotal institution responsible for coordinating activities across the entire oil and gas value chain, Senator Lokpobiri reaffirmed the Ministry’s commitment to transparency and accountability in the discharge of its statutory responsibilities, as well as in advancing Nigeria’s energy security.
Earlier in his opening remarks, Chairman of the Senate Committee on Upstream Petroleum, Senator Eteng Jonah Williams, stated that the session was convened to undertake a thorough review of the Ministry’s 2026 budget estimates and to assess the level of releases and performance under the 2025 Appropriation Act.
Following extensive deliberations and a detailed review of the Minister’s submission, the Joint Committee on Petroleum Resources formally adopted the Ministry’s 2026 budget proposal.
The budget defence session was attended by the Permanent Secretary, Ministry of Petroleum Resources, Mrs. Patience N. Oyekunle, alongside Directors and members of the Ministry’s management staff.
