Corruption: Reps uncovers N32bn loss through revenue leakages in NUPRC

The Public Accounts Committee (PAC) of the House of Representatives said it has uncovered N32,151,775,466.87 revenue loss through leakages in a document submitted by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

The submissions covers revenue generated for Federal Government between 2015 and 2022.

Chairman of the committee, Bamidele Salam during an investigative session expressed serious concerns over reported revenue leakages and non-compliance with standard operating procedures, revealing that the panel discovered among other things, that N909,392,169.74 was transferred directly to private accounts in Deposit Money Banks without adhering to the Treasury Single Account (TSA) rules.

The committee also pointed out discrepancies, including N15,476,269,397.10 in transactions listed in Remita that were absent from the NUPRC data, and another N6,332,212,384.25 in transactions from the NUPRC data that did not appear in Remita.

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

Not satified with the discovered discrepancies, the committee ordered Chief Executive Officer of agency, Engr. Gbenga Komolafe, the Chief Executive Officer of NUPRC, to along with other relevant officials, appear before it next Monday to explain the inconsistencies in the report presented.