The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed confidence that Nigeria’s proposed ₦58.18 trillion 2026 Budget is achievable, citing a projected crude oil production of 1.84 million barrels per day and an oil price benchmark of $64–$65 per barrel as realistic assumptions if sector reforms are sustained.
In a statement signed by its National Public Relations Officer, Dr. Joseph Obele, PETROAN President, Dr. Billy Gillis-Harry, described the budget as a forward-looking framework capable of strengthening the oil and gas sector through improved efficiency, energy security and increased government revenue.
He said targeted investments in upstream operations would support field rehabilitation, renewed exploration and deeper offshore production.
PETROAN stressed that meeting the production target depends largely on improved security for oil and gas assets and effective engagement with host communities, as provided under the Petroleum Industry Act (PIA).
According to the association, inclusive participation of host communities is critical to protecting infrastructure, reducing losses and ensuring long-term stability in oil-producing regions.
The group also called for adequate funding of key regulators, particularly the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), noting that strong and well-resourced institutions are vital for effective PIA implementation, transparency and renewed investor confidence.
It further commended Bola Tinubu for prioritising security spending in the 2026 Budget, describing safety as essential for economic growth and energy stability.
PETROAN renewed its call for the transparent privatisation of Nigeria’s four state-owned refineries by the first quarter of 2026, arguing that this would eliminate fiscal burdens, attract private capital and expertise, and ensure efficient, competitive and sustainable refinery operations.
The association concluded that effective implementation of the 2026 Budget would significantly boost the oil and gas sector, enhance national energy security and support sustainable economic development.