Oil sector losses drop to lowest in 16 years, says Information Minister, Idris

Olaolu Bilau in Abuja

For the first time in 16 years, losses in Nigeria’s s oil sector is now at an all time low, the Minister of Information and National Orientation, Mohammed Idris, has revealed.

WESTERN POST reports that the minister spoke at an inter-ministerial world press conference in Abuja, as part of activities to mark Nigeria’s 65th independence anniversary.

Idris explained that the drop in oil losses has also led to a steady increase in oil production.

“We have seen a steady increase in oil production to meet our OPEC quota, and an equally steady reduction in oil losses to a 16-year low. Gas flaring is also at an all-time low, while new investments are flooding in to scale up gas exploration, processing and distribution. New investments in deepwater oil and gas exploration have exceeded five billion dollars,” he said.

Reeling out the various achievements of President Tinubu’s administration in the last two years, the minister highlighted the $50 million ASBA Lithium Plant in the FCT and the $600 million Avatar Lithium Plant in Nasarawa as some of the investments in the mining and solid minerals sector.

Idris emphasised that the the implementation of the new tax law in January 2026 will boost the country’s revenue base, simplify tax collection and reduce the unnecessary burden on the people.

According to the minister, President Bola Tinubu is building the foundation for prosperity through the ongoing reforms, noting that “the collective participation of Nigerians in nation building is critical to the sustenance of the progress being made”.

He called on Nigerians to show understanding and support the reforms of the current administration and rally around the Renewed Hope Agenda.