The Public Accounts Committee, PAC, of the House of Representatives has discovered revenue leakages totaling N32,151,775,466.87 in documents submitted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The leakages were identified in records of revenue generated for the Nigerian government between 2015 and 2022.
The Chairman of the Committee, Mr. Bamidele Salam expressed serious concerns regarding the reported revenue leakages and non-compliance with standard operating procedures.
He said that “among the findings, N909,392,169.74 had been transferred directly to private accounts in Deposit Money Banks without adhering to Treasury Single Account , TSA protocols.”
He said that “the investigation also revealed significant discrepancies, including N15,476,269,397.10 in transactions recorded in Remita but missing from the NUPRC data, and N6,332,212,384.25 in transactions from the NUPRC data that were absent 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,” Mr. Salam said.
The committee unanimously ordered the Chief Executive Officer of NUPRC, Gbenga Komolafe along with other officials, to appear before them on 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,” he added.
VON