In this paper, we employ the concept of the Fisher information matrix (FIM) to reformulate and improve on the "Newton's One-Step Error Reconstructor" (NOSER) algorithm. FIM is a systematic approach for incorporating statistical properties of noise, modeling errors and multi-frequency data. The method is discussed in a maximum likelihood estimator (MLE) setting. The ill-posedness of the inverse problem is mitigated by means of a nonlinear regularization strategy. It is shown that the overall approach reduces to the maximum a posteriori estimator (MAP) with the prior (conductivity vector) described by a multivariate normal distribution. The covariance matrix of the prior is a diagonal matrix and is computed directly from the Fisher information matrix. An eigenvalue analysis is presented, revealing the advantages of using this prior to a Gaussian smoothness prior (Laplace). Reconstructions are shown using measured data obtained from a shallow breathing of an adult human subject. The reconstructions show that the FIM approach clearly improves on the original NOSER algorithm.