The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has presented the ministry’s 2025 budget performance and 2026 budget proposal to the Joint Committee of the Senate and House of Representatives on Petroleum Resources.
A statement on Tuesday by the Head of Press and Public Relations Unit, Chris Ugwuegbulam, said Mr Lokpobiri made the presentation on Monday in Abuja.
According to the statement, the minister told the committee that while the personnel and overhead components of the 2025 Appropriation Act recorded optimal utilisation, there were no releases for the capital component.
Mr Lokpobiri said the 2026 budget proposal was designed to strengthen institutional capacity, enhance regulatory oversight, support ongoing reforms in the oil and gas sector and ensure effective policy coordination across the industry.
He underscored the strategic importance of the petroleum sector to Nigeria’s economy, noting that it accounts for about 90 per cent of the country’s foreign exchange earnings.
The minister described the ministry of petroleum resources as a key institution coordinating activities across the oil and gas value chain and reaffirmed its commitment to transparency, accountability and the advancement of Nigeria’s energy security.
Earlier, Chairman of the Senate Committee on Upstream Petroleum, Eteng Williams, said the session was convened to review the ministry’s 2026 budget estimates and assess releases and performance under the 2025 Appropriation Act.
He said the deliberations and detailed review of the submission led to the Joint Committee on Petroleum Resources adopting the ministry’s 2026 budget proposal.
The budget defence was attended by the permanent secretary of the ministry, Patience Oyekunle, as well as directors and other management staff.
(NAN)