A citizens’ advocacy group operating under the banner of the Citizens Connect Conference has publicly applauded President Bola Ahmed Tinubu’s administration for introducing what they describe as “transformative reforms” within Nigeria’s crucial oil and gas sector. Speaking at the inaugural conference in Lagos, Convener Charles Abakpa Onoja stated that the President’s actions have successfully restored national confidence in the industry, steering it toward a much-needed path of renewal and greater transparency.
Mr Onoja acknowledged that for decades, the oil and gas sector had been a source of both hope and disappointment, plagued by issues of corruption, gross inefficiency, and missed opportunities. However, he now sees a “new story unfolding,” characterised by decisive action and restoration. He specifically commended the administration’s strong commitment to fully implementing the Petroleum Industry Act (PIA). He further praised the leadership of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Engineer Gbenga Komolafe, for revitalising the sector through structured and data-driven governance.
The results of this renewed focus are already evident in fiscal performance. Mr Onoja highlighted that in just two years, the NUPRC has generated an unprecedented ₦12.25 trillion in revenue for the federation account. This massive figure, he explained, clearly demonstrates the positive impact of significantly improved monitoring and strict enforcement systems put in place by the current leadership.
Professor Yemi Oke (SAN), a key guest speaker at the conference, further outlined the substantial benefits flowing from these reforms, starting with the politically challenging but economically necessary fuel subsidy removal. Professor Oke detailed that this removal has led to a significant 200 per cent increase in financial allocations to both state and local governments. Moreover, it has expanded funding for critical national projects, including road construction, hospital upgrades, power projects, the national student loan scheme, and even higher allowances for National Youth Service Corps (NYSC) members.
The economic effects extend far beyond government finances. The reforms are facilitating Nigeria’s transition toward becoming a net exporter of refined petroleum products, encouraging increased private investment in refinery projects, and accelerating major gas, Liquefied Petroleum Gas (LPG), and Compressed Natural Gas (CNG) initiatives. This shift is resulting in valuable foreign exchange savings, contributing to greater currency stability, and enhancing fertilizer production domestically.
Professor Oke pointed out that the era of discretion and “rent-seeking” is being replaced by predictability and performance. Dormant oil blocks are now being returned to productivity, production reporting is conducted electronically, and field development plans are subject to rigorous compliance monitoring. Furthermore, the focus on gas as a key transition fuel is turning environmental liabilities into economic assets through the Gas Flare Commercialisation Programme, which is reducing waste, creating jobs, and protecting the environment.
Crucially, the reforms have redefined the relationship between the government, the industry, and the Host Communities. Under the PIA, Host Community Development Trusts (HCDTs) are now established partners. Professor Oke revealed that over ₦358 billion has been remitted to these trusts so far, funding more than 500 community projects in education, healthcare, and infrastructure across oil-producing regions. This ensures that the communities who bear the cost of extraction now meaningfully share in the benefits.
Finally, transparency is now a cornerstone of the new order. NUPRC’s electronic platforms enable real-time production tracking and cargo declaration, effectively eliminating leakages that historically drained the national purse. This methodical and transformative governance approach has not gone unnoticed globally, with international rating agencies and investors increasingly viewing Nigeria’s oil regulatory framework as more predictable and investor-friendly than it has been in the past decade. The group concluded by urging the continuous protection of this momentum, emphasising that the gains could be lost if the commitment to reform wavers.
