Abuja, Nov. 28, 2023: The House of Representatives on Monday quizzed the management of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over dwindling revenues accruing from Signature Bonuses.
The Chairman, House Committee on Finance, Rep. James Faleke, discovered this at the interactive session with revenue generating agencies in Abuja
He said the document submitted before the committee showed that the projected N251 billion revenue from Signature Bonuses in 2024 fiscal year would decline to zero by 2026.
The lawmakers queried the commission over the revenue accrued from the sale of federation assets to Nigerian National Petroleum Corporation 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 NNPCL management over federation assets acquired from NUPRC, with a view to ensure accountability of public funds.
The committee also requested for supporting documents on the projected crude oil supply for 2024 to 2026, while demanding for copies of the oil audit conducted by NUPRC.
The lawmakers also requested for 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, NUPRC Chief Executive Officer, Engr Gbenga Komolafe said that the commission was working on the proposed LPG supply to Germany.
The Commission, represented by Executive Commissioner on Economic Regulation and Strategic Planning, Mr Babajide Fasina said the commission was yet to get information on new oil blocs before they embarked on new bid rounds.
Faleke however demanded for 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.