The House of Representatives on Friday questioned the management of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) regarding oil production, revenue from crude oil sales, and other activities in the upstream petroleum sector.
The Lead Chairman of the Joint Committees on Finance and National Planning, Hon. Abiodun Faleke, issued the directive in Abuja during an ongoing interactive session with NUPRC and other key revenue-generating agencies on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
In his presentation, NUPRC Chief Executive Officer, Engineer Gbenga Komolafe, explained that the Commission generates various revenues from oil royalties, gas royalties, concession rentals, gas flare penalties, miscellaneous oil revenues (including fines and levies), signature bonuses, and license renewals.
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While providing updates on revenue generation, Engineer…