The Public Accounts Committee (PAC) of the House of Representatives has uncovered a revenue shortfall of N32,151,775,466.87 due to financial leakages within the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). This finding, which pertains to revenue collected for the Federal Government from 2015 to 2022, raises serious concerns about financial accountability.
During an investigative hearing, Committee Chairman Bamidele Salam pointed out troubling issues, including the direct transfer of N909,392,169.74 to private bank accounts, circumventing the Treasury Single Account (TSA) regulations.
The committee also identified discrepancies between the transactions recorded in Remita and those in NUPRC’s own records. Notably, there was a N15.4 billion difference in Remita transactions not reflected in NUPRC records, and an additional N6.3 billion recorded by NUPRC that was absent from Remita.
Furthermore, the PAC found inconsistencies in reported figures, with N388 million reported as lower and N909 million as higher in Remita.
Concerned by these findings, the committee has summoned NUPRC’s Chief Executive Officer, Engr. Gbenga Komolafe, along with other officials, to provide further explanations next Monday. This investigation highlights the House’s commitment to enhancing financial transparency and addressing revenue leakages within government agencies.
