House of Representatives probes NUPRC over plummeting signature bonus earnings

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) faced scrutiny from the House of Representatives on Monday concerning the significant decline in Signature Bonus income. Chairman of the House Committee on Finance, Rep. James Faleke, raised concerns during an interactive session with revenue-generating agencies in Abuja.

As per documents presented to the committee, the projected revenue from Signature Bonuses is expected to decrease from N251 billion in the fiscal year 2024 to zero by 2026. Legislators questioned the commission about revenue generated from the transfer of federation properties to the Nigerian National Petroleum Corporation Limited (NNPCL).

The committee pressed the NUPRC for details on its involvement in Signature Bonuses and the strategies in place to enhance the monetization of the country’s oil assets. Rep. Faleke also queried the NNPCL management about federation assets acquired from NUPRC to ensure accountability for public expenditures.

Additionally, the committee requested supporting documentation on the estimated crude oil supply from 2024 to 2026 and copies of the NUPRC oil audit. Parliamentarians sought information on the Commission’s preparedness to fulfill the negotiated LPG supply to Germany, an arrangement initiated by President Bola Tinubu during the 10th German-Nigerian business forum.