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Reps uncover N32bn revenue leakage

The House of Representatives has ordered the Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe to explain within 96 hours shocking allegations of revenue leakages amounting to a staggering N32,151,775,466.87—funds that should have been safely deposited in the Federal Government’s coffers between 2015 and 2022.

During an intense investigative hearing on Thursday, Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, expressed serious concerns about these revenue shortfalls and blatant disregard for standard operating procedures.

After combing through the documents, the lawmakers revealed that a hefty N909,392,169.74 had been illicitly funnelled into private bank accounts without following the mandated Treasury Single Account (TSA) protocols.

The investigation unveiled a web of discrepancies, with N15,476,269,397.10 in transactions flagged in Remita that failed to appear in NUPRC’s records, and N6,332,212,384.25 missing from Remita but present in NUPRC data.

Glaring inconsistencies were also found between the two databases, with Remita showing N388,103,353.31 less and N909,392,169.74 more than reported by NUPRC.

In the light of these troubling revelations, the committee has ordered Komolafe and his fellow officials to appear before them on Monday, October 28, 2024, to shed light on these serious allegations.

During the session, several lawmakers stressed the urgent need for robust financial oversight and transparency within the NUPRC, demanding a thorough investigation into these disturbing irregularities.

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