House Of Reps Uncovers Over N32 Billion Revenue Leakages In NUPRC

The Public Accounts Committee (PAC) of Nigeria’s House of Representatives has exposed revenue leakages totaling over N32 billion in the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) from 2015 to 2022.

This revelation followed a review of documents submitted by the commission, showing significant financial discrepancies.

During a session chaired by Rep. Bamidele Salam, the committee expressed concerns about these revenue leakages and the commission’s non-compliance with federal operating standards.

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One discovery revealed that N909 million had been diverted to private accounts in Deposit Money Banks, bypassing the Treasury Single Account (TSA) protocols.

Further scrutiny found unaccounted discrepancies, including N15.4 billion in transactions listed on the Remita platform but missing from NUPRC records, and N6.3 billion recorded by NUPRC but absent in Remita.

Additionally, the data presented substantial discrepancies in transaction values, with Remita showing N388 million lower and N909 million higher than NUPRC’s data.

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In response to these findings, the PAC has summoned Engr. Gbenga Komolafe, CEO of NUPRC, and other top officials to appear before the committee next Monday to address these financial irregularities.

The committee’s revelations have raised concerns over the NUPRC’s financial practices and transparency, calling for a deeper investigation to ensure accountability in managing public resources.