Reps probe NUPRC over dwindling revenue in signature bonuses

The House of Representatives has quizzed the management of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over dwindling revenues accruing from signature bonuses.

The Chairman of the House Committee on Finance, James Faleke, made this known at the interactive session with revenue-generating agencies in Abuja on Monday.

Faleke said the document submitted before the committee showed that the projected N251 billion revenue from signature bonuses in 2024 would decline to zero by 2026.

The lawmakers queried the commission over the revenue accrued from the sale of federation assets to the Nigerian National Petroleum Company Limited (NNPCL).

The commission is expected to give details of its involvement in Signature Bonuses and measures put in place to expand the monetisation of the country’s oil assets.

Falake, however, summoned the NNPCL management over federation assets acquired from NUPRC, with a view to ensure accountability of public funds.

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The committee also requested supporting documents on the projected crude oil supply for 2024 to 2026, while demanding copies of the oil audit conducted by NUPRC.

The lawmakers also requested details of the commission’s preparedness to meet the negotiated LPG supply to Germany which was brokered by President Bola Tinubu during the 10th German-Nigerian business forum.

Speaking earlier, the NUPRC Chief Executive Officer, Gbenga Komolafe, said the commission was working on the proposed LPG supply to Germany.

The commission, represented by the Executive Commissioner on Economic Regulation and Strategic Planning, Babajide Fasina, said it was yet to get information on new oil blocs before they embarked on new bid rounds.

Faleke, however, demanded evidence of payments made by NNPCL, as well as list of assets acquired, among others.

The committee asked NUPRC to provide explicit plans put in place to meet up with projected crude oil in 2024/2026 amidst oil theft.

The Star