Reps uncover over N32 Billion revenue leakage by NUPRC

Reps uncover over N32 Billion revenue leakage by NUPRC

The House of Representatives Public Accounts Committee (PAC) has revealed N32,151,775,466.87 revenue leakages from the document submitted by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on revenue generated for the federal government between 2015 to 2022.

During a session chaired by Rep. Bamidele Salam, the committee expressed serious concerns regarding reported revenue leakages and non-compliance with standard operating procedures. Among the findings, it was discovered that N909,392,169.74 had been transferred directly to private accounts in Deposit Money Banks without adhering to TSA protocols.

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The investigation also highlighted significant discrepancies, including N15,476,269,397.10 in transactions listed in Remita that were absent from the NUPRC data set, and N6,332,212,384.25 in transactions from the NUPRC data set that did not appear in Remita.

Additionally, there were notable value discrepancies in transactions between Remita and NUPRC, with N388,103,353.31 reported lower and N909,392,169.74 reported higher in Remita.

In light of these findings, the committee unanimously ordered Engr. Gbenga Komolafe, the Chief Executive Officer of NUPRC, along with other officials, is to appear before them next Monday to explain the discovered infractions.

These developments raise serious concerns about financial management and transparency within the NUPRC, prompting the committee to call for a thorough investigation into these alarming irregularities.

Reps uncover over N32 Billion revenue leakage by NUPRC