By Adedapo Adesanya

Nigeria’s crude oil production rose above 1.5 million barrels per day in June, the required quota by the Organisation of the Petroleum Exporting Countries (OPEC).

Data sourced from OPEC’s latest Monthly Market Oil Report (MOMR) for June noted that the country’s oil production hit 1.505 million barrels per day in June 2025 from 1.453 million barrels per day recorded in May 2025.

However, the output was still below the targeted 2.06 million barrels per day projected in the 2025 budget.

According to OPEC’s data, this is the first time the country’s production output would meet the 1.5 million barrels per day cuts quota.

Nigeria’s output had hovered at 1.1 million barrels per day in 2023, 1.3 million barrels per day in 2024, and then 1.4 million barrels per day since January 2025.

This development comes as Nigeria is seeking to boost its quota by 25 per cent under agreements with the cartel.

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bashir Bayo Ojulari, said the country was ramping up production with a medium-term goal to hit 2.06 million barrels per day by 2027, expressing optimism that oil output will rise to 1.9 million barrels per day in December this year.

“We have started growing. In March, we were producing about 1.56 million barrels per day, and we’re now at 1.63 million, including condensates. By the end of the year, we are hoping to clock 1.9 million barrels daily,” he said.

Mr Ojulari also said Nigeria had recorded a 100 per cent availability on major crude oil pipelines in the country, noting that for the first time in a long while, the nation enjoyed 100 per cent crude oil pipeline availability throughout June.

According to him, the feat, which was possible through the industry-wide security interventions led by the NNPC, aided the increase in oil production.

However, he called for more investments to boost production, adding that the company had been able to turn the narrative around by consistently meeting its cash-call obligations to Joint Venture (JV) operations.

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) on Wednesday revealed that inflation rate in Nigeria eased to 22.22 per cent in June 2025 from the 22.97 per cent recorded in May 2025.

In the report, the agency stated that the Consumer Price Index (CPI) rose went up by 2.0 points to 123.4 points from 121.4 point a month earlier.

On a year-on-year basis, the headline inflation rate was 11.97 per cent lower than the 34.19 per cent achieved in June 2024.

The NBS stated that on a month-on-month basis, the headline inflation rate in June 2025 was 1.68 per cent, which is 0.15 per cent higher than the 1.53 per cent recorded in May 2025.

The stats office also stated that in the period under review, the food inflation rate was 21.97 per cent on a year-on-year basis and was 18.93 per cent lower than the 40.87 per cent posted in June 2024.

It stated that the significant decline in the annual food inflation figure was technically due to the change in the base year.

On a month-on-month basis, the food inflation rate in June 2025 was 3.25 per cent, up by 1.07 per cent compared with the 2.19 per cent reported in May 2025.

This increase was attributed to rise in the average prices of Green Peas (Dried), Pepper (Fresh), Shrimps (white dried), Crayfish, Meat (Fresh), Tomatoes (Fresh), Plantain Flour, Ground Pepper, etc.

It was disclosed that the average annual rate of food inflation for the twelve months ending June 2025 over the previous twelve-month average was 28.28 per cent, which was 7.02 per cent points lower than the average annual rate of change of 35.30 per cent recorded in June 2024.

By Adedapo Adesanya

The House of Representatives says there will be continued legislative attention to address the lingering challenges of the Petroleum Industry Act (PIA 2021) despite the recently announced $16 billion investment commitments and significant improvements in oil production.

This was disclosed by the Deputy Speaker of the House of Representative, Mr Benjamin Kalu, at the 2025 General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria in Abuja.

“The statistical evidence overwhelmingly supports the PIA’s success: from a truly astounding 28,991 per cent increase in investment to achieving 1.69 million barrels per day in oil production and generating N50.88 trillion in revenue.

“These figures are not just encouraging; they are a clear validation of the PIA’s effectiveness. However, we must not rest on our laurels. Continued legislative attention is absolutely required to address the lingering implementation challenges,” he said.

He said this was necessitated by the persistent and economically crippling issue of oil theft, which continues to cost Nigeria approximately $79.4 million dollars daily.

“This is a battle we must win,” he disclosed..

The forum, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was themed ‘Advancing a Collaborative Compliance Culture in Nigeria’s Midstream and Downstream Petroleum Sectors.

Mr Kalu represented by the Chairman of the House Committee on Petroleum Resources, Downstream, Mr Ugochinyere Ikenga, said based on available data, Nigeria earned N50.88 trillion in revenue from crude oil and gas exports in 2024 and projected to earn more at the end of 2025.

He said in just two years of post-enactment, the impact of the PIA 2021 was undeniable.

He highlighted the National Assembly’s role in further strengthening the PIA, noting that, “The National Assembly’s pivotal role in enacting and tirelessly overseeing this transformative legislation has yielded remarkable results: more than $16 billion Post-PIA investment commitments, significant improvements in oil production, robust revenue generation, and improved regulatory compliance landscape.”

The lawmaker said the path forward demanded sustained engagement from the National Assembly, which meant enhanced oversight, carefully targeted legislation to address the security challenges, and unwavering support for regulatory agencies.

He said by diligently building on the robust foundation laid by the PIA, Nigeria could not only achieve its goal of becoming a leading global petroleum producer but also ensure sustainable development for the host communities and the broader Nigerian economy.

“Before the PIA, we operated under a fragmented regulatory structure, a table of overlapping mandates that hindered efficiency and accountability.

“The PIA swept this away, creating two distinct, powerful regulatory bodies: the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the NMDPRA. This clear delineation of roles has been a game-changer.

“According to NEITI audits, our baseline compliance rate in 2015 stood at 94 per cent. While seemingly high, it masked underlying inefficiencies and vulnerabilities.

“Post-PIA implementation, we have seen a tangible enhancement in regulatory effectiveness. The NUPRC alone generated an astounding N4.344 trillion in revenue during 2023, representing a 14.89 per cent increase compared to 2022 figures.

“This is not just about collection; it’s about a more efficient and transparent system at work,’’ he said.

He also noted that the impact of the PIA on sector growth was vividly evident in Nigeria’s oil production recovery and its subsequent contribution to our national economy.