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Experts laud Tinubu’s achievements in oil, gas sector – EnviroNews
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Some experts in the oil and gas sector have lauded President Bola Tinubu’s achievements in the sector in the last three years.
The experts spoke in separate interviews on Tuesday, September 29, 2026, in Lagos.
Dr Ayodele Oni, Partner and Chair of Energy and Natural Resources Practice Group at Bloomfield Law Practice, said the administration’s major achievement in the sector was structural.
“It chose to fix the rules instead of managing the symptoms,” Oni said.
He said the administration began in 2023 with the removal of petrol subsidy and unification of the exchange rate, which eliminated major distortions in the sector.
According to him, subsequent presidential orders introduced fiscal incentives for non-associated gas, midstream and deep-water projects, tax credits of up to 20 per cent for operators that meet cost-saving benchmarks, and a six-month cap on petroleum contracting cycles.
Oni said the approval of International Oil Companies’ (IOCs) onshore divestments had also transferred mature assets to indigenous operators with the appetite to invest in them.
“This year, Executive Order No. 9 requires royalty, tax and profit oil and gas from Production Sharing Contracts to be paid directly into the Federation Account.
“NNPC’s remittances reached N2.88 trillion in March 2026, up from N1.80 trillion in February,” he said.
He said the Deep Offshore Oil and Gas Projects Incentives Order, 2026, replaced project-by-project negotiations with transparent eligibility criteria.
According to him, the move provided the certainty deep-water investors had been seeking.
“The results are now showing in barrels. Crude oil and condensate output reached 1.68 million barrels per day in August 2026, while June’s 1.74 million barrels per day was the strongest monthly output in more than six years.
“That compares with 1.41 million barrels per day in August 2023.
“Nigeria has also met its OPEC quota for four consecutive months, which restores credibility we had lost for years,” Oni said.
He said the policies had laid the foundation for growth, adding that the next phase was to sustain the gains and maintain investor confidence.
Prof. Wumi Iledare, Professor of Petroleum Economics and Executive Director, Emmanuel Egbogah Foundation, also said the sector had recorded measurable progress under Tinubu.
He said crude oil and condensate output rose by about five per cent in 2025 to about 1.63 million barrels per day, although output weakened toward the end of the year.
“Gas delivery improved, but first-half 2026 domestic supply of about 2.05 billion cubic feet per day met only 65 per cent of allocated obligations.
“These measures should be judged by investment, production, reserves and public revenue, not announcements,” he said.
Iledare said downstream reforms had accelerated through subsidy removal, the Dangote Refinery and the end of the dual exchange-rate system.
He said the measures could expand domestic value creation, reduce arbitrage and improve transparency in petroleum revenue conversion and investment decisions.
He, however, said the depreciation of the naira had increased import, debt-servicing and project costs, intensified inflation and raised the naira value of dollar revenues without necessarily creating greater real public value.
“Competitive outcomes still depend on reliable crude supply, efficient logistics, sound pricing and open market access.
“Yet progress should not obscure incomplete implementation,” he said.
Iledare said the Petroleum Industry Act (PIA) required clear institutional roles, timely board appointments, accountability and stable rules.
He noted that deviations from these requirements could create uncertainty, delay investment and increase costs.
“The record is encouraging but still falls short,” Iledare said.
He urged the administration to translate reforms into sustained production, competitive markets, reliable gas supply, transparent revenue management and lasting national value.
“The PIA dividend will depend less on announcements than on consistent implementation and credible, durable rules,” he said.
By Raji Rasak
