Reps grill NUPRC over falling earnings in signature bonuses

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The House of Representatives, on Monday, grilled the management of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) about declining Signature Bonus income.

Rep. James Faleke, Chairman of the House Committee on Finance, discovered this during an interactive session with income-generating agencies in Abuja.

According to the document presented to the committee, the expected N251 billion revenue from Signature Bonuses in the fiscal year 2024 would fall to zero by 2026.

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The legislators questioned the commission on the proceeds from the transfer of federation properties to Nigerian National Petroleum Corporation Limited (NNPCL).

The commission is scheduled to provide information on its engagement in Signature Bonuses, as well as steps put in place to increase the monetization of the country’s oil assets.

Falake, on the other hand, questioned NNPCL management over federation assets bought from NUPRC in order to ensure responsibility for public expenditures.

The committee also requested supporting documentation on the estimated crude oil supply from 2024 to 2026, as well as copies of the NUPRC oil audit.

The parliamentarians also demanded information on the Commission’s readiness to meet the negotiated LPG supply to Germany, which President Bola Tinubu arranged during the 10th German-Nigerian business forum.

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