The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a statement refuting recent media reports alleging non-remittance of N151.121 billion into the Federation Account. According to the commission, these reports stem from a misunderstanding of its role and responsibilities outlined in the Petroleum Industry Act (PIA) of 2021.
The NUPRC clarified that the audit report referenced in the media pertains to the year 2020, predating the establishment of the commission under the PIA. As a regulatory body, the NUPRC emphasized that it is not directly involved in operational activities related to fund remittance.
In response to claims that funds deducted by the Nigerian National Petroleum Company Limited (NNPCL) on behalf of the NUPRC were not remitted, the commission clarified that licensees and operators are responsible for remitting funds directly to the Federation Account. The NUPRC does not handle or receive such funds.
Despite efforts by the NUPRC to ensure the remittance of outstanding funds by licensees, the commission asserted that any failure to do so lies within the purview of the respective operators. It emphasized that it cannot be held accountable for funds it never received or managed.
The NUPRC condemned attempts to attribute blame to the commission for processes outside its jurisdiction, labeling such actions as mischievous and misleading. It reiterated its commitment to upholding transparency and integrity in the regulation of petroleum resources.
The response from the NUPRC aims to address misconceptions and provide clarity on its regulatory role regarding fund remittance to the Federation Account. As the commission disputes the allegations, it emphasizes the importance of understanding its responsibilities within the petroleum industry landscape.
