West Africa: Nigeria No Longer Dependent On Oil Revenue, Says Tinubu
Tinubu said gas will anchor energy policy as reforms aim to lift investment, with Nigeria producing about 1.7 million barrels of crude a day.
- On Tuesday in Abuja, Vice President Kashim Shettima represented President Bola Tinubu at the Nigerian Upstream Petroleum Regulatory Commission's fifth anniversary, where the President declared a "decade of gas" and vowed to prioritize gas in Nigeria's energy strategy.
- Tinubu noted the Petroleum Industry Act provides a regulatory foundation, though investors cited concerns regarding high costs and lengthy contracting processes. The administration continues pursuing reforms to improve revenue remittances and attract fresh investment.
- The NUPRC approved more than $57 billion in Field Development Plans since 2024, with 22 major offshore projects expected to come on stream by 2030. These projects aim to attract between $30 billion and $50 billion in investment.
- Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri reported that Nigeria produces about 1.7 million barrels of crude oil daily and holds more than 37 billion barrels of oil reserves. He stated additional exploration remains essential.
- In February, the President issued an executive order requiring oil revenues be paid directly to the Federation Account, ending certain NNPC Limited deductions including a 30 per cent management fee. The government pursues energy transition goals suited to Nigeria's needs without compromising development.
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Nigeria has witnessed massive drop in oil revenue reliance
—-Promises to pursue energy transition suited to the nation’s needs, expand gas supply for power, industry By Johnbosco Agbakwuru ABUJA — PRESIDENT Bola Tinubu has announced a massive drop in the nation’s reliance on crude revenues, signaling a decisive shift toward a diversified economy that his administration intends to push even further. He noted that, […]
Tinubu: Nigeria has witnessed massive drop in oil revenue reliance - THE AUTHORITY NEWS
By Chesa Chesa President Bola Ahmed Tinubu has announced a massive drop in the nation’s reliance on crude revenues, signaling a decisive shift toward a diversified economy that his administration intends to push even further. He noted that, driven by the Renewed Hope Agenda, the administration has built a diversified,...
Dateline Nigeria
National Accord NewspaperTinubu: Nigeria has witnessed massive drop in oil revenue reliance
President promises to pursue energy transition suited to the nation’s needs, expand gas supply for power, industry President Bola Ahmed Tinubu has announced a massive drop in the nation’s reliance on crude revenues, signaling a decisive shift toward a diversified economy that his administration intends to push even further. He noted that, driven by the …
Tinubu Sets Fresh Energy Investment Drive, Says Nigeria Will Go Beyond Oil Dependence — Akelicious
President Bola Tinubu has reaffirmed his administration’s determination to reposition Nigeria’s oil and gas sector as a catalyst for broader economic growth, insisting that the country must move beyond dependence on crude oil revenues. Tinubu said his administration’s Renewed Hope Agenda was already driving efforts to diversify the economy by expanding agriculture, manufacturing, digital technology […]
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