The Public Accounts Committee (PAC) of Nigeria’s House of Representatives has uncovered a significant revenue loss of over ₦32 billion due to financial leakages at the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). This shocking figure, totaling ₦32,151,775,466.87, represents the revenue generated for the Federal Government between 2015 and 2022. The findings have raised serious concerns about financial accountability within the agency.

During an investigative hearing, PAC Chairman Bamidele Salam highlighted alarming issues. One major concern was the direct transfer of ₦909 million to private bank accounts, which bypassed the established Treasury Single Account (TSA) guidelines meant to ensure proper financial oversight.

The committee also discovered discrepancies in financial records between NUPRC and Remita, a government payment platform. For instance, there was a staggering ₦15.4 billion difference in transactions recorded in Remita that was not found in NUPRC’s records. Additionally, ₦6.3 billion was recorded by NUPRC but was missing in Remita’s accounts.

Other inconsistencies were noted as well, with reported figures showing ₦388 million as too low and ₦909 million as too high in Remita.

In light of these troubling discrepancies, the PAC has ordered NUPRC’s Chief Executive Officer, Engr. Gbenga Komolafe, along with other officials, to provide further explanations in a meeting scheduled for next Monday. This ongoing investigation underscores the House’s commitment to enhancing financial transparency and addressing revenue leakages in government agencies.

By shedding light on these issues, the PAC aims to promote accountability and ensure that public funds are properly managed.