Representatives blame NUPRC for declining signing bonus income
The House of Representatives on Monday grilled the management of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) over the decline in signing bonus income.
The Chairman of the House Committee on Finance, Rep. James Faleke, made this discovery during a dialogue session with revenue generating agencies in Abuja.
The N251 billion revenue from signature bonuses expected in the 2024 financial year is expected to be reduced to zero by 2026, according to documents submitted to the commission.
The members asked the committee about the proceeds from the transfer of federation assets to the Nigerian National Petroleum Corporation (NNPCL).
The committee will provide information on the signing bonus initiative and steps taken to increase the monetization of the country’s oil assets.
Meanwhile, Mr Farake questioned the NNPCL management over the federation’s assets purchased from NUPRC to ensure accountability for public expenditure.
The committee also requested supporting documentation on estimated crude oil supply from 2024 to 2026 and a copy of the NUPRC oil audit.
The MPs also requested information on the European Commission’s readiness to respond to the LPG supply negotiations to Germany negotiated by President Bola Tinubu during the 10th Germany-Nigeria Business Forum.
Source: dailypost.ng