The Tinubu Stakeholders Forum (TSF) has commended President Bola Tinubu’s administration for the remarkable progress in Nigeria’s oil sector, particularly in the significant increase in rig count from 19 to 40, with projections reaching 50.
In a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, it argued that the achievement underscored the administration’s commitment to reviving Nigeria’s oil production capacity, strengthening economic resilience, and fostering national prosperity.
The group said: “The activation of oil rigs is akin to drilling new wells, signifying renewed investment and confidence in the sector. This development is a clear indicator that oil production is on the rise, and with the projected increase in rig count, Nigeria is set for enhanced crude oil output, translating to greater national revenue and economic stability.
“It is also noteworthy that the increase in operational rigs suggests a reduction in oil theft and pipeline vandalism, which have long hampered production. The administration’s strategic policies and decisive actions in curbing illegal activities in the sector are yielding positive results, allowing rigs to function optimally and contribute effectively to national output.
“The implications of this resurgence are far-reaching. With increased crude production, Nigeria stands to gain improved foreign exchange inflows, bolstering the Naira and easing the economic strain on citizens. The increased revenue stream will also facilitate more infrastructural development, job creation, and social investment programs aimed at alleviating hardship and improving the standard of living for Nigerians.
“We remain confident that with sustained reforms and proactive governance, Nigeria’s oil industry will regain its position as a key driver of economic growth and national prosperity.”
The Tinubu Stakeholders Forum also reaffirmed its call for continued support for the administration’s efforts in revitalizing the oil and gas sector.
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