Mkpoikana Udoma
Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has thrown its weight behind the Federal Government’s N58.18 trillion 2026 budget, declaring the crude oil production benchmark of 1.84 million barrels per day, mbpd, and oil price assumption of $64–65 per barrel as realistic and attainable.
Speaking, PETROAN National President, Dr. Billy Gillis-Harry, said the 2026 Budget presents a strategic pathway to reposition Nigeria’s oil and gas sector for improved efficiency, stronger energy security and sustainable growth.
According to him, targeted investments in upstream operations would unlock higher production through rehabilitation of existing fields, renewed exploration and sustained support for marginal and deep offshore assets.
“The Nigeria 2026 Budget is a well-thought-out and forward-looking framework. With the right investments in upstream operations, crude oil production can be boosted significantly, translating into higher national output and improved government revenue,” Gillis-Harry said.
PETROAN expressed optimism that the production target would be met, stressing that improved security for oil and gas assets and effective host community engagement, as provided under the Petroleum Industry Act, PIA, are critical to achieving the projection.
“The crude oil production target in the 2026 Budget is achievable, provided host communities are fully engaged and carried along. When communities have a sense of ownership and inclusion, infrastructure protection improves and production losses decline,” he noted.
The association also called for adequate funding of regulatory agencies, particularly the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, describing strong regulators as central to effective PIA implementation and renewed investor confidence.
“Regulatory efficiency and transparency are key to restoring investor confidence across the value chain. Well-funded regulators are essential if the PIA is to deliver on its promises,” Gillis-Harry added.
On the downstream segment, PETROAN urged sustained budgetary support for local refining, modular refineries and petrochemical development, noting that increased domestic refining capacity would reduce fuel imports, conserve foreign exchange and stabilise the sector.
The association also commended President Bola Ahmed Tinubu for the significant security allocation in the 2026 Budget, describing security as the foundation of economic growth and energy stability.
“Any nation that seeks sustainable development must prioritise security. Investment, energy stability and economic growth can only thrive in a safe and secure environment,” Gillis-Harry said.
PETROAN further renewed its call for the transparent privatisation of Nigeria’s four state-owned refineries, urging the Federal Government to conclude the process by the first quarter of 2026.
According to the association, timely privatisation would eliminate recurring fiscal burdens, attract private capital and technical expertise, improve efficiency and ensure sustainable refinery operations in line with global best practices.
PETROAN concluded that effective implementation of the 2026 Budget, anchored on security, host community inclusion, regulatory efficiency, private sector participation and refinery reforms, would significantly strengthen Nigeria’s oil and gas sector, boost government revenue and enhance national energy security.
