Nigeria's Petroleum Minister Presents 2026 Budget Proposal

On Monday, Heineken Lokpobiri, the Minister of State for Petroleum Resources, presented the 2026 budget proposal to a joint committee of the National Assembly, which includes members from both the Senate and the House of Representatives. The committee adopted the budget estimates after a detailed review of the 2025 budget performance.

Lokpobiri provided updates on the implementation of the 2025 budget, highlighting the personnel and overhead components while noting that the capital component was not released under the 2025 Appropriations Act. The 2026 budget proposal is designed to strengthen institutional capacity, enhance regulatory oversight, and support ongoing reforms in the oil and gas sector to ensure effective policy coordination across the industry.

The minister emphasized the strategic importance of the petroleum sector to Nigeria's economy, accounting for approximately 90 percent of the country's foreign exchange earnings. The session was chaired by Eteng Jonah William, who confirmed the committee's commitment to a thorough review of the budget estimates.