News
Reps query NUPRC over N120 billion expenditure on personnel, overhead
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg&description=Reps query NUPRC over N120 billion expenditure on personnel, overhead', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg&description=Reps query NUPRC over N120 billion expenditure on personnel, overhead', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The House of Representatives joint Committees on Finance and National Planning have frowned at the huge expenditure of over N120 billion by Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on personnel and overhead cost annually.
Speaking during an interactive session with key agencies on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), Chairman of the House Committee on Finance, James Abiodun Faleke (APC, Lagos) directed the agency to provide details of oil production, crude sales and other activities in the Upstream Petroleum Industry in the country.
NUPRC Executive Commissioner Economic Regulation & Strategic Planning (ECR&SP), Babajide Oluwole Fasina who represented the Chief Executive Officer (CEO) of the organisation, Gbenga Olu Komolafe had presented the revenue and expenditure before the committee.
Responding to the presentation, Faleke said “I’m wondering what type of organization you have.You are paying 88 billion as salaries. How many staff do you have? How many staff do you have?
“National Assembly, before the review, they give us N150 billion for our expenditure every year and that is shared between the Senate, House of Representatives, management and everybody.
“So only your agency is spending N88 billion. That’s why you have so much. So much money because of 4% cost of collection. 4% is too much. We need money…you are spending N88 billion on personnel, and you are spending over N40 billion on overhead.”
Despite trying to justify the figure, the Committee rejected the NUPRC’s explanation and demanded comprehensive records from the Commission as regards its revenues, expenditure and all other activities including exploration activities of Frontier Explorations’ at various Frontier Basins in the country where oil prospecting activities are taking place.
“You are going to come back with all the records of all the wells that produce the oil litre by litre per day. How much oil do we get from here every day,” Faleke asked rhetorically.
The lawmaker further said: “You are going to come back with records of shipments of crude either daily or weekly at what rate. You are going to come back with proposals of 2025 as to the expectations of two million five barrels per day, 2.06 million per day.
“And you reach out to the Frontier or whatever you called them. You come together with them and must come with the records of all Frontier activities, expenses incurred, crude oil realized from there and of course the sales proceeds and add what the Frontiers are doing. The day they started and how far they have gone. You must come here with them on the 18th. We expect you here on the 18th by 11am.”
Earlier in his presentation, Fasina informed the Committee that NUPRC derives its revenues from oil royalty, gas royalty, concession rental, gas flat penalty, miscellaneous oil revenues which include fines and levies, signature bonus and renewal of licenses.
Giving a highlight of the revenue collections, he said the NUPRC gets 4% Cost of Revenue Collection for the total revenue collected on behalf of the federal government which he said were credited directly to the Federation Account and while FAAC credits the 4% to the Commission.
He said, “The Cost Of Revenue Collection amounted to N114.84 billion in 2023 as against N114.38 billion in 2022. The amount released in 2023 includes N2.82 billion for Capital Expenditure, though N173.77 billion was due as 4% on the Actual Collections of N14.34 Trillion in 2023.
“The Commission also generates revenues internally such as, Registration Fees, Licence Fees, Fines, Recoveries, etc. It generated N1.44 billion in 2023 compared to N30.08 billion in 2022, and this accounts for 1.26% of the total Revenue realized in 2023 and 2.62% in 2022 respectively.
Fasina, however, informed the Committee that the Commission recorded a high expenditure in 2023 compared to 2022 by N11.46 billion which he said was an increase of 10.83%.
He added, “Personnel Cost which has the largest share amounting to N82.35 billion represents 70.19% of the total expenses of N117.33 billion, followed by Overhead Costs of N31.63 billion which accounts for 26.96 billion”.
The NUPRC Executive Commissioner however informed that, the Commission’s non-tax remittance dropped from N3.67 billion in 2022 to N1.77 billion in 2023 and an Amortisation and Depreciation of N246.66 million and N1.33 billion respectively.
Also, the Committee directed the Nigeria Bulk Electricity Trading to provide details of its budget performance and other activities in the electricity market.
The agency has in its submission informed the Committee about the ‘reason for disparity between Generation Companies (Gencos) invoices and amount invoices to Distribution Companies (DisCos).
The agency’s documents stated, “NBET invoices DisCos before receiving and verifying GenCo invoices as required by the settlement Calendar. This timing difference means that components such as interest and True-Up, which are included in GenCo invoices cannot be reflected in the invoices sent to DisCos, Consequently, the mismatch in timing leads to discrepancies in the amounts invoices.
“Apart from the DisCos, other off-takers such as Ajaokuta Steel Company and Net Importer Generation Companies are included in the invoicing process. The inclusion of these off-takers introduces further complexities that contribute to the disparity between actual invoices and the amounts invoices to DisCos.
“The supplementary order under the Transitional Electricity Market (TEM) framework mandates the use of specific tariff for invoicing Net Importer GenCos. These tariff requirements create additional differences between the amounts invoiced to GenCos and those passed on to DisCos.”
The self-acclaimed Director-General of the disputed Presidential Foreign Intervention Promotion Council, PFIPC, Adeyemi Adeniyi, says he borrowed the N400 million to secured the job at the presidency.
Adeniyi made this revelation on Monday during zoom interview on ‘Politics Today’, a programme on Channels Television.
He said his creditors have reported him to the Economic and Financial Crimes Commission, EFCC.
He described the way some actors in government taking the matter as ‘unfortunate and embarrassing’, asking how only him could manoeuvre the entire Federal Government system.
“I borrowed this money, the N400 million, to pay for this appointment. In fact, those that I borrowed the money from have reported me to the EFCC to refund it,” he said.
When asked to react to the report that there is a United States lobbying firm helping him to seek an asylum, Adeniyi said, “I read it the way you read it.”
News
May 18 primaries has come to a close, I appeal to all my people to support all APC candidates -Ize-Iyamu
Pastor Osagie Ize-Iyamu has beckoned on all his loyalists to support All Progressives Congress APC candidates after the party formally endorsed all Edo State candidates.
This was contained in a statement he personally signed encouraging his loyalists in Edo South to throw their weights behind all APC candidates.
Hear him:
“Following wide-ranging consultations with our leaders, party members, supporters, women, youths, and well-wishers across Edo South, Nigeria, and the diaspora, I address you today(Monday ) with profound gratitude, humility, and an unwavering commitment to the unity and progress of our great party.
“The APC Edo South Senatorial Primary held on May 18, 2026 has come to a close. Our party has completed its democratic process, and a candidate has emerged. I accept the decision of our party in good faith and appeal to all our members, followers and friends to do same.
“The All Progressives Congress is greater than any individual ambition. It is a platform built on service, sacrifice, discipline, and our shared commitment to a better future for our people. Political contests may test our preferences, but they must never diminish our common purpose.
To every supporter, coordinator, volunteer, grassroots mobiliser, and everyone who stood with us throughout this journey, I offer my heartfelt appreciation. Your loyalty, sacrifices, encouragement, and prayers have been a constant source of strength. I remain deeply grateful for your confidence and steadfast support.
I wish to specially thank our brothers and sisters in the diaspora across party lines for the overwhelming support they gave my senatorial bid and assure them of my continous commitment to the development and progress of our district. I urge every one of you to remain peaceful, reject division, and continue to uphold the values that have always defined our people.
Now is the time to reconcile, close ranks, and focus on the greater task before us. Our collective responsibility to serve the people of Edo South is far greater than any individual aspiration. As we move forward, I remain committed to working with our leaders, stakeholders, and party faithfuls to strengthen the APC, secure victory in the general election, and advance the development and well-being of Edo South Senatorial District.
The contest is behind us. The future is before us. Let us move forward with one resolve, and one commitment- to build a stronger APC and a more prosperous Edo South.
Thank you for your prayers, your loyalty, and your unwavering support throughout this journey.
History will not remember the contest we fought; it will remember the future we built together. Let us unite. Let us serve. Let us win for the APC, for Edo South and for the people of Edo State.
God bless the All Progressives Congress. God bless Edo South Senatorial District. God bless Edo State.
God bless the Federal Republic of Nigeria. Oba gha to kpere, ise
The Senate Committee on Finance has opened a fresh scrutiny of the Federal Government’s import duty waiver regime after the Nigeria Customs Service (NCS) disclosed that the value of Import Duty Exemption Certificates (IDECs) issued since March 2020 rose to about ₦34 trillion by 2025.
The committee also threatened sanctions against the heads of several Ministries, Departments and Agencies (MDAs), including the Nigerian Civil Aviation Authority (NCAA), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Industrial Training Fund (ITF) and the Federal Medical Centre (FMC), Jabi, for failing to appear before its investigative hearing on revenue remittances.
Appearing before the committee on Monday, Comptroller-General of Customs, Bashir Adewale Adeniyi, said the agency’s revenue performance had been significantly influenced by government fiscal policies, particularly import duty exemptions granted to strategic sectors.
He explained that about 60 per cent of the ₦34 trillion worth of duty waivers covered military hardware imported to strengthen Nigeria’s security architecture, while the remaining exemptions applied to imports of Compressed Natural Gas (CNG), electric and hybrid vehicles, medical equipment, industrial machinery, manufacturing inputs and food items under government intervention programmes.
Adeniyi maintained that duty waivers should not be assessed solely on the basis of revenue forgone, arguing that they were intended to promote broader economic and social objectives, including industrial growth, improved healthcare delivery and national security.
He, however, recommended stronger monitoring mechanisms to ensure beneficiaries of the incentives deliver the expected outcomes through increased production, lower prices and wider economic benefits.
The Customs boss also told lawmakers that the Service had generated about ₦4.5 trillion as of June 30, 2026, against an annual revenue target of ₦11.04 trillion.
However, the hearing exposed disagreements over Customs’ financial obligations after the Fiscal Responsibility Commission (FRC) alleged that the agency had an outstanding operating surplus liability of about ₦8.9 billion based on its 2019 audited accounts.
Customs officials rejected the claim, insisting that the figures required reconciliation.
The committee also turned its attention to the Corporate Affairs Commission (CAC) after the Fiscal Responsibility Commission alleged that the agency had failed to remit about ₦13.9 billion in operating surplus between 2023 and 2025.
Responding, the Registrar-General of the CAC, Hussaini Ishaq Magaji, acknowledged the outstanding liability but said the Commission had commenced gradual settlement of the amount.
To establish the actual figure, Chairman of the committee, Senator Sani Musa, directed the CAC, the Fiscal Responsibility Commission and the committee’s secretariat to reconcile their records and submit a comprehensive report within two weeks.
The committee also expressed displeasure over the absence of several invited agencies from the investigative hearing.
Senator Musa warned that the heads of the NCAA, SMEDAN, ITF, FMC Jabi and other defaulting agencies must appear at the next sitting or face sanctions under the Senate Standing Rules.
He stressed that agencies responsible for managing public resources have a constitutional obligation to account for revenues generated on behalf of the Federal Government and comply with legislative oversight.
PFIPC scandal: ‘I borrowed N400 million to secure the appointment’ – Adeyemi Adeniyi
May 18 primaries has come to a close, I appeal to all my people to support all APC candidates -Ize-Iyamu
Senate investigates N34tn Duty Waivers, Threatens Sanctions for Defaulting Agencies
-
News20 hours agoNSITF promises Gambia of technical support, stronger partnership …As study tour ends in Abuja
-
News19 hours agoDAY 24 of Projects Commissioning and Flag-Off in the FCT
-
News18 hours ago‘He was our bread winner’: Dad laments 28-Year-Old Lieutenant Killed in Oyo School Rescue Mission
-
News18 hours agoAfter 56 Days in Captivity, Oriire Parents Scared of Sending Rescued Kids Back to School
-
News19 hours agoOne dies, seven injured as Gombe Assembly Complex under construction collapses
-
News18 hours agoGunmen Kidnap 60-Year-Old Headmaster In Oyo, Demand N30m Ransom
-
News12 hours agoJust in: Appeal Court halts Atiku’s presidential bid, declares Mark-led ADC congresses illegal
-
News19 hours agoNorwegian Air adorns British Airways logo for 24hrs after losing 2026 World Cup wager
Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login