Mkpoikana Udoma
Port Harcourt — Nigeria’s fragile fiscal balance may receive a much-needed boost following improved crude and gas production performance by the Nigerian National Petroleum Company Limited, NNPCL, which has recorded its highest output levels in nearly half a decade.
Group Chief Executive Officer, Mr. Bashir Bayo Ojulari, disclosed this after a briefing with President Bola Ahmed Tinubu, where he reported a production figure of 1.68 million barrels per day alongside a record 7 billion standard cubic feet of gas per day.
He said the improvement comes at a crucial time for the nation, as higher output directly translates to increased oil revenues, stronger foreign exchange inflows, and reduced fiscal strain on government expenditure.
“Every additional barrel produced is an extra dollar for Nigeria’s stability,” Ojulari said.
“Our renewed performance gives the government more fiscal headroom to fund priorities, stabilize the Naira, and keep inflation in check.”
Ojulari attributed the positive trend to policy consistency, enhanced operational efficiency, and stronger collaboration among security agencies and industry players in curbing crude theft.
He also highlighted that rising gas production is strengthening Nigeria’s export base and domestic power generation capacity, positioning the country for greater resilience amid global oil price fluctuations.
“What we are seeing is a reflection of reform in action,” he noted. “As NNPCL continues to perform better, the broader economy feels the impact through increased revenue, foreign exchange savings, and investor confidence.”
The sustained production at current levels could improve Nigeria’s oil earnings by at least $3–4 billion annually, easing budget deficits and supporting macroeconomic reforms.
Ojulari assured that NNPCL remains focused on sustaining the gains and building a more diversified, profitable national energy company.
“Our commitment is to keep driving output, efficiency, and transparency, because Nigeria’s fiscal health and economic growth depend on a strong energy backbone,” he concluded.
