The House of Representatives on Monday quizzed the management of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over the dwindling revenues accruing from Signature Bonuses.
According to the records obtained by the Chairman, House Committee on Finance, Hon. James Abiodun Faleke and other members, the projected N251 billion revenue from Signature Bonuses in the 2024 fiscal year is expected to decline to zero by 2026.
The lawmakers also queried the Commission over the revenue accrued from of sale of federation assets to Nigerian National Petroleum Corporation Limited (NNPCL).
The Commission is also 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.
To this end, the Committee resolved to summon NNPCL management over federation assets acquired from NUPRC, with a view to ensuring accountability of public funds.
They also requested for supporting documents on the projected crude oil supply for 2024 to 2026.
During the evaluation of its performance, the lawmakers demanded copies of the oil audit conducted by NUPRC.
The lawmakers also requested details of the Commission’s preparedness to meet the negotiated LPG supply to Germany which was brokered by President Bola Ahmed Tinubu during the 10th German-Nigerian business forum, recently.
Speaking earlier, NUPRC Chief Executive Officer, Engineer Gbenga Komolafe explained that the Commission is working on the proposed LPG supply to Germany.
The Commission’s helmsman who was represented by Executive Commissioner on Economic Regulation & Strategic Planning, Babajide Fasina and Executive Commissioner on Finance & Accounts, M. S Lamido, explained that the Commission has not gotten information on new oil blocs before they can embark on new bid rounds.
While ruling, Hon. Faleke demanded evidence of payments made by NNPCL, as well as the list of assets acquired, among others.
The lawmakers asked NUPRC to provide explicit plans put in place to meet up with projected crude oil in 2024/2026 amidst oil theft.
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