The House of Representatives has directed the Nigeria Upstream Petroleum Regulatory Commission to disclose details of oil production, crude sales, and other upstream petroleum activities in the country.
This directive was issued during a joint session of the House Committees on Finance and National Planning at an interactive session with key agencies in Abuja on Friday.
The interaction focused on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The directive came after a presentation by the Executive Commissioner for Economic Regulation and Strategic Planning of the NUPRC, Mr. Babajide Fasina.
Fasina, represented by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, along with other management members, informed the committee that the commission generates revenue from oil royalty, gas royalty, concession rental, gas flare penalty, and miscellaneous oil revenues.
He added that the revenue sources also include fines, levies, signature bonuses, and license renewals.
Fasina further stated that NUPRC receives a 4% Cost of Revenue Collection for the total revenue it collects on behalf of the Federal Government.
“The CORC amounted to N114.84 billion in 2023 as against N114.38 billion in 2022.
“The amount released in 2023 includes N2.82 billion for capital expenditure, though N173.77 billion was due as 4% on the actual collections of N14.34 trillion in 2023.
“The commission also generates revenues internally, such as registration fees, license fees, fines, recoveries, among others.”
Fasina informed the committee that the commission’s expenditure in 2023 rose significantly compared to 2022, reaching N11.46 billion, an increase of 10.83%.
“Personnel cost, which has the largest share, amounting to N82.35 billion, represents 70.19 percent of the total expenses of N117.33 billion.
“This is followed by overhead costs of N31.63 billion, which accounts for 26.96 billion.”
The Chairman of the House Committee on Finance, James Faleke, who presided over the session, expressed dissatisfaction with the commission’s personnel and overhead expenditures.
This concern was highlighted based on the documents presented by the commission’s official to the committee.
