The Presidency has highlighted what it described as 15 major achievements recorded in Nigeria’s energy sector under President Bola Tinubu over the last three years, stating that reforms implemented across the oil, gas and power sectors have significantly boosted government revenues, attracted investments and reduced the country’s dependence on imported petroleum products.
Special Assistant to the President on Social Media, Olusegun Dada, who disclosed the figures in a post on social media at the weekend, said total federation revenue also rose to N21 trillion from N12 trillion, largely driven by the removal of fuel subsidy and other reforms undertaken by the administration.
According to the Presidency, one of the most significant outcomes of the reforms has been the sharp decline in fuel import costs, which it said fell from N2.3 trillion to less than N90 billion as domestic refining capacity expanded.
It added that locally refined petrol production increased from virtually zero before the commencement of the administration to about 48 million litres per day.
The Presidency also stated that reforms in the electricity sector led to the redesign of subsidy segments, resulting in a reduction of the projected national electricity subsidy burden by more than N1 trillion.
It noted that 45 per cent of the power market has now transitioned to cost-reflective and service-linked tariffs, while the national metering rate has risen to 57 per cent.
In the upstream petroleum sector, it said Nigeria’s combined crude oil and condensate production has reached 1.64 million barrels per day, representing an increase of about 400,000 barrels per day and the highest onshore production level recorded in two decades.
It added that gross natural gas production increased from 6.83 billion standard cubic feet per day to 7.63 billion standard cubic feet per day during the period.
The Presidency further disclosed that Nigeria, which holds 215 trillion cubic feet of proven gas reserves, has witnessed a significant improvement in investor confidence, with the country’s share of African upstream Final Investment Decisions rising from 4 per cent to about 40 per cent.
Quoting figures from the office of the special adviser on energy, it stated that the country has secured $10 billion in committed capital and currently has a visible pipeline of about $50 billion in prospective energy projects.
The Presidency also pointed to improvements in the investment climate, stating that project contracting cycles have been reduced from 36 months to 14 months, with a target of six months.
In addition, it explained that over $4 billion in International Oil Company (IOCs) divestment transactions were concluded, a development it said would strengthen indigenous participation in the oil and gas industry.
In the power sector, the note reiterated that the federal government established the Presidential Power Sector Debt Reduction Programme (PPSDRP), backed by an approved bond structure of up to N4 trillion to settle legacy debts owed to generation companies and gas suppliers.
It added that full and final settlement agreements valued at N2.28 trillion had also been concluded with Generation Companies (Gencos).
But while government officials maintain that the measures are beginning to yield tangible results, critics have continued to express concerns about the impact of higher energy costs on households and businesses amid broader economic challenges.
Adeniyi, with the handle masungi, said: “They keep listing ‘milestones’ and government figures, but ignore the harsh reality Nigerians face every day. Yes, subsidy was removed and reforms were introduced, but at what real cost?
“Petrol is over N1200, electricity tariffs have gone up, the naira has crashed, inflation keeps rising, and millions are sinking deeper into poverty. Beyond the economy, insecurity has made life even worse — farmers can no longer safely access their farmlands, food production is affected, and many Nigerians now fear travelling on major roads because of kidnappings and attacks.
“What is the value of ‘growth’ on paper when ordinary citizens are paying more, earning less, living in fear, and struggling to survive? Real progress should be measured by improved living conditions, safety, and stability — not just figures on a spreadsheet.”
Dmeji-Bankole, @Dmejibankole stated: “A desperate analysis from a failed government. Almost all the achievements mentioned, Nigerians suffer more for them now than in any recent history.”
Also, @Michaellakinnike said: “When I saw energy I thought electricity, omoh…You took subsidy out from thieves without immunity and then gave it to thieves with immunity. You call that achievement, all these house of cards and facade is helping no one.”
Emmanuel Addeh
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