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The House of Representatives has instructed the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to furnish comprehensive information regarding all oil production, crude sales, and other operations within the country’s upstream petroleum sector.
Naija News reports that the directive was issued during a joint session of the House Committee on Finance and the Committee on National Planning, which took place at an ongoing interactive meeting with key agencies in Abuja on Friday.
The discussion focused on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The instruction followed a presentation made by the Executive Commissioner for Economic Regulation & Strategic Planning (ECR&SP) at NUPRC, Babajide Fasina, who was represented by the Chief Executive Officer (CEO) of the commission, Gbenga Komolafe, along with several members of the management team.
Fasina informed the committee that the NUPRC’s revenue streams include oil royalties, gas royalties, concession rentals, gas flat penalties, and various miscellaneous oil revenues.
He elaborated that these revenues encompass fines, levies, signature bonuses, and license renewals.
Furthermore, he noted that the NUPRC receives a 4 per cent Cost Of Revenue Collection (CORC) from the total revenue collected on behalf of the Federal Government, which is directly credited to the Federation Account, with the FAAC subsequently allocating the 4% to the Commission.
“The CORC amounted to ₦114.84 billion in 2023 as against ₦114.38 billion in 2022.
“The amount released in 2023 includes ₦2.82 billion for capital expenditure, though ₦173.77 billion was due as 4% on the actual collections of ₦14.34 trillion in 2023.
“The commission also generates revenues internally, such as registration fees, license fees, fines, recoveries, among others.
In 2023, the commission reported a revenue generation of ₦1.44 billion, a significant decrease from ₦30.08 billion in 2022. This represents 1.26% of the total revenue for 2023, compared to 2.62% in the previous year.
Fasina further informed the committee that the commission’s expenditures rose to ₦11.46 billion in 2023, marking an increase of 10.83% from 2022.
Personnel costs, which constitute the largest portion of the budget, totalled ₦82.35 billion, accounting for 70.19% of the overall expenses of ₦117.33 billion. Overhead costs followed, amounting to ₦31.63 billion, which represents 26.96% of the total.
Additionally, he noted a decline in the commission’s non-tax remittance, which fell from ₦3.67 billion in 2022 to ₦1.77 billion in 2023, alongside amortization and depreciation figures of ₦246.66 million and ₦1.33 billion, respectively.
The chairman of the House Committee on Finance, Rep. James Faleke, who led the session, expressed his discontent regarding the commission’s personnel and overhead expenditures. This information was provided by the commission’s official documentation presented to the committee.
“I’m wondering what type of organisation you have. You are paying ₦88 billion as salaries. How many staff do you have?” he asked.
Ruling on the matter, Faleke said, “You will have to come back with all the records of all the wells that produce the oil, litre by litre, per day. How much oil do we get from here every day?”
