Reps committee uncovers over N32bn revenue loss in NUPRC

The Public Accounts Committee (PAC) of the House of Representatives has disclosed a revenue loss of N32,151,775,466.87, identified through financial leakages within the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

This revelation, covering revenue generated for the Federal Government between 2015 and 2022, has raised concerns over potential lapses in financial accountability.

Committee Chairman Bamidele Salam, during an investigative hearing, highlighted alarming issues, including the direct transfer of N909,392,169.74 to private accounts in Deposit Money Banks, a move that bypassed Treasury Single Account (TSA) guidelines.

Further discrepancies were found between transactions recorded in Remita and NUPRC’s own data.

For instance, there was a N15.4 billion discrepancy in Remita transactions absent in NUPRC records, and an additional N6.3 billion recorded by NUPRC but missing in Remita.

The PAC also noted variances in reported values, with N388 million appearing lower and N909 million higher in Remita.

Unsettled by these discrepancies, the committee ordered NUPRC’s Chief Executive Officer, Engr. Gbenga Komolafe, and other officials to appear for further explanations next Monday.

This ongoing probe underscores the House’s commitment to improving financial transparency and curbing revenue leakages within government agencies.