Reps Nigeria's Oil Production
The House of Representatives has directed the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to provide detailed records on oil production, crude sales, and other upstream petroleum operations in the country.
This mandate was issued during a joint session of the House Committee on Finance and the Committee on National Planning, held in Abuja on Friday as part of discussions on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
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EKO HOT BLOG reports that during the session, the Executive Commissioner for Economic Regulation & Strategic Planning at NUPRC, Babajide Fasina, represented by the commission’s Chief Executive Officer, Gbenga Komolafe, presented data on the agency’s operations and finances.
Fasina outlined NUPRC’s revenue sources, including oil royalties, gas royalties, concession rentals, gas flaring penalties, and miscellaneous revenues such as fines, levies, signature bonuses, and license renewals.
He disclosed that the commission receives a 4% Cost of Revenue Collection (CORC) from the total revenue it collects for the Federal Government.
In 2023, this amounted to ₦114.84 billion, a slight increase from ₦114.38 billion in 2022, based on ₦14.34 trillion in actual collections.
However, NUPRC’s internally generated revenue declined sharply from ₦30.08 billion in 2022 to ₦1.44 billion in 2023, representing only 1.26% of the total revenue.
Fasina also revealed an increase in expenditures, which rose to ₦11.46 billion in 2023, up by 10.83% from 2022. Personnel costs, at ₦82.35 billion, constituted 70.19% of total expenses, while overhead costs stood at ₦31.63 billion, representing 26.96%.
Non-tax remittances fell to ₦1.77 billion from ₦3.67 billion in 2022, while amortization and depreciation figures reached ₦246.66 million and ₦1.33 billion, respectively.
Reps Nigeria’s Oil Production
Rep. James Faleke, Chair of the House Committee on Finance, raised concerns over the commission’s expenditure, particularly its personnel and overhead costs. “You are paying ₦88 billion as salaries. How many staff do you have?” he questioned.
Faleke instructed the commission to return with a comprehensive breakdown of oil production data, including daily output per well, measured in litres. “You will have to come back with all the records of all the wells that produce the oil, litre by litre, per day,” he ruled.
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