Index to Nigerian Newspapers

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced significant progress in Nigeria’s oil and gas sector, revealing that it approved approximately $20 billion in Field Development Plans (FDPs) over the past ten months. NUPRC Chief Executive, Gbenga Komolafe—represented by Deputy Director Efemona Bassey—made this disclosure during a two-day strategic media workshop for energy correspondents in Lagos. Komolafe explained that the approvals reflect ongoing regulatory reforms aimed at increasing oil production, attracting new investments, and strengthening industry confidence. He noted that despite declining global investment trends, Nigeria has maintained measurable growth supported by the Petroleum Industry Act and recent executive orders issued by President Bola Ahmed Tinubu. Komolafe highlighted key achievements, including crude oil output surpassing 1.7 million barrels per day on several occasions and a rising rig count approaching 70 active rigs nationwide. He reaffirmed the commission’s target of boosting national production by an additional one million barrels per day, with a new licensing round scheduled for December 1, 2025. Emphasizing the pivotal role of the media, he urged journalists to provide factual, contextual, and development-focused reporting to positively shape investor perception while upholding transparency.

The Federal Government plans to deduct N3.6 trillion from the Federation Account to fund electricity subsidies for 2026-2028, addressing the rising electricity subsidy debt that affects liquidity in the power sector. This initiative aims to ensure fiscal transparency and distribute costs among federal, state, and local governments. The Medium-Term Expenditure Framework indicates an electricity subsidy of N1.2 trillion annually through 2028. The Budget Office, aligned with President Tinubu's directive, emphasizes that future subsidy costs must be explicit and shared across all governmental levels, as accumulating debts have stressed federal finances. The current subsidy system, where the Federal Government finances gaps via the Nigerian Bulk Electricity Trading Plc, is deemed unsustainable and will be revised to prevent hidden liabilities and liquidity crises in the sector.

The MOMAS Group has initiated the construction of a €3 million vocational training centre for electro-technology in Ogun State, aimed at enhancing Nigeria’s technical workforce in the electricity sector. The project, funded by the African Union and the African Union Development Agency, was marked by a groundbreaking ceremony led by MOMAS Chairman Kola Balogun. The initiative, supported by the Senior Special Assistant to the President, aligns with government goals to reduce reliance on foreign artisans and to empower Nigerian youth through skill development in areas like renewable energy and smart metering. Completion of the facility is anticipated within 12 months, with a focus on creating an internationally recognized institution that provides advanced training and job opportunities for young Nigerians.