Tinubu Declares Massive Drop in Oil Revenue Reliance, Charts Gas-Led Diversified Future
Abuja, Nigeria—October 6, 2026—President Bola Ahmed Tinubu on Tuesday announced that Nigeria has recorded a massive drop in its long-standing reliance on crude oil revenues, describing the development as a clear signal that the country is building a more diversified and resilient economy.
Speaking at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, the President, represented by Vice President Kashim Shettima, said the Renewed Hope Agenda had unlocked growth in agriculture, manufacturing, and the digital and creative industries, reducing the economy’s dependence on a single sector.
“We have already reduced our dependence on oil revenue, and we intend to go further,” Tinubu stated. “But a diversified economy still needs energy, foreign exchange, and investment, and that is where this sector serves the nation. Our gas can power homes and factories. Petroleum earnings support a stable naira and help fund the Federation.”
StabilizedStabilised Production and Returning Investors
Tinubu credited improved collaboration among security agencies, operators, host communities, and the NUPRC for making oil production steadier and stronger.
He noted that investors who had previously left Nigeria in search of better opportunities were now returning, ranking the country first among Africa’s leading destinations for upstream investment for two consecutive years.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, provided further figures, stating that crude oil production had risen to about 1.821 million barrels per day (including condensates)—an increase of more than 80 percent from levels recorded before the current administration. He also revealed that active oil rigs had climbed from fewer than 10 in 2023 to over 70.
Decade of Gas and Just Energy Transition
Declaring this the “decade of Gas,” the President pledged to pursue an energy transition that is “just and suited to Nigeria’s needs.”
With Africa’s largest gas reserves, he said the government would expand gas supply for power, industry, and clean cooking; reduce flaring and methane emissions; and grow renewable energy alongside fossil fuels.
“Nigeria will meet its climate responsibilities without sacrificing the development and energy access our people deserve,” he added.
Tinubu also emphasized accountability, warning that operators enjoying incentives must deliver on work programmes, local content, environmental standards, and host community obligations.
He described the NUPRC as the critical bridge between policy and investment on the ground and urged the Commission to maintain clear processes, reliable timelines, and independence.
Industry Stakeholders Commend Progress
NUPRC Governing Board Chairman Senator Magnus Abe credited the Commission’s achievements to President Tinubu’s leadership and decision to shield the regulator from political interference.
Senate Committee on Gas Chairman Senator Jarigbe Agom Jarigbe said the Petroleum Industry Act (PIA) had improved transparency, regulatory certainty, and investment inflows.
The anniversary also featured the announcement of the 2026 Licensing Round offering 40 oil blocks and the presentation of awards to former Directors of the Department of Petroleum Resources, the predecessor of NUPRC.
While celebrating progress, officials acknowledged that Nigeria still needs sustained investment, additional licensing rounds, and intensified exploration to fully unlock its petroleum resources.
Tinubu insisted his administration would not rest until Nigeria becomes the preferred destination for hydrocarbon investment, upholding the rule of law and the sanctity of contracts.
The event brought together key stakeholders from government, the National Assembly and the petroleum industry to assess five years of regulatory reform and chart the next phase of growth in Nigeria’s upstream sector.
*This report is based on the official State House press release and contemporaneous coverage of the NUPRC fifth anniversary event held in Abuja on October 6, 2026.*
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