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October 26, 2024October 26, 2024
By Mercy Aikoye
The Public Accounts Committee (PAC) of the Nigerian House of Representatives has uncovered a staggering N32.151 billion revenue leakage at the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). This revelation came to light after the committee reviewed documents submitted by NUPRC on revenue generated for the federal government between 2015 and 2022.
Chaired by Hon. Bamidele Salam, the committee expressed grave concerns over reported revenue leakages and non-compliance with standard operating procedures. The committee’s findings have raised serious concerns about financial management and transparency within NUPRC.
A notable irregularity uncovered was the direct transfer of N909,392,169.74 to private accounts in Deposit Money Banks, bypassing Treasury Single Account (TSA) protocols. This alarming discovery has sparked questions about the commission’s financial dealings.
Further investigation revealed significant discrepancies between transactions recorded in Remita and NUPRC’s data. Specifically, N15.476 billion in Remita transactions were absent from NUPRC’s records, while N6.332 billion in NUPRC transactions were missing from Remita.
Additionally, notable value discrepancies were found between Remita and NUPRC transactions, with N388,103,353.31 reported lower and N909,392,169.74 reported higher in Remita. These discrepancies have cast doubt on the accuracy of NUPRC’s financial reporting.
In response to these alarming irregularities, the committee has ordered Engr. Gbenga Komolafe, NUPRC’s Chief Executive Officer, and other officials to appear before them to provide explanations. The committee has given them a 96-hour ultimatum to respond.
However, NUPRC has denied these allegations, describing the claimed revenue leakage as unfounded and baseless. According to NUPRC, there were no revenue leakages as claimed. Despite this denial, the committee’s findings highlight the need for improved financial accountability and transparency within government agencies.
The investigation’s outcome will likely have significant implications for NUPRC and its officials.
As the investigation unfolds, many are watching to see if those responsible will be held accountable. The Nigerian public eagerly awaits the outcome, hoping for a breakthrough in the fight against corruption.
