{"id":161230,"date":"2025-05-03T21:44:38","date_gmt":"2025-05-03T20:44:38","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nuprcs-efficiency-crucial-to-nigerias-economic-sufficiency-group"},"modified":"2025-05-03T21:44:38","modified_gmt":"2025-05-03T20:44:38","slug":"nuprcs-efficiency-crucial-to-nigerias-economic-sufficiency-group","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nuprcs-efficiency-crucial-to-nigerias-economic-sufficiency-group","title":{"rendered":"NUPRC\u2019s efficiency crucial to Nigeria\u2019s economic sufficiency \u2013 Group"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>As Nigeria repositions its oil and gas sector under the Petroleum Industry Act, PIA, the Centre for Fiscal Transparency in Natural Resources, CFTNR, has said the functions of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in enforcing transparency will be crucial to achieving long-term economic resilience.<\/p>\n<p>The CFTNR\u2019s assertion follows the House of Representatives\u2019 directive to OML18 Resources Limited to remit $4.02 million to the Federation Account, a move it says is the result of NUPRC\u2019s investigations and insistence on institutional accountability and full implementation of the PIA.<\/p>\n<p>OML18 Resources, formerly Sahara Field Production Ltd, is among 45 oil and gas companies flagged in the audit report and data presented by the NUPRC as owing a combined $1.7 billion to the Nigerian government in unpaid royalties, gas flare penalties, and related liabilities.<\/p>\n<p>Following the revelation, the House Committee on Public Accounts, on Wednesday, directed OML18 Resources to remit $4.02 million, 20 per cent of its confirmed debt, within five days.<\/p>\n<p>The committee, chaired by Bamidele Salam, at its resumed hearing, gave the company 14 days to reconcile its full outstanding obligations with the asset operator and submit a breakdown to the committee.<\/p>\n<p>The directive also followed confirmation by NUPRC that OML18 Resources owes $17.37 million in crude oil royalties, $2.86 million in gas flare penalties, and N173.7 million in gas sales revenue, a debt acknowledged by the company during the hearing.<\/p>\n<p>In a statement issued on Saturday in Abuja, Dr Halima Isa Lawal, Executive Director of CFTNR, said NUPRC\u2019s intervention reflects a renewed seriousness in the implementation of the Petroleum Industry Act, which aims to promote accountability and investor confidence in Nigeria\u2019s oil and gas sector.<\/p>\n<p>Lawal called on other oil and gas firms to review their own records and engage proactively with regulators.<\/p>\n<p>\u201cNUPRC\u2019s actions are proof that the reforms under the Petroleum Industry Act are taking root. For years, Nigeria struggled with weak oversight and opaque revenue tracking in the upstream sector. Today, we are beginning to see a new era of regulatory assertiveness,\u201d Lawal said.<\/p>\n<p>\u201cThis is not just about recovering $4.02 million; it\u2019s about resetting expectations. Operators now understand that obligations to the state will be enforced.\u201d<\/p>\n<p>She described the commission\u2019s data-led regulatory approach as an example of how institutional leadership can serve the public good.<\/p>\n<p>According to her: \u201cNUPRC has shown that it is possible to uphold the rule of law in Nigeria\u2019s most critical revenue-generating industry.<\/p>\n<p>\u201cThese efforts go beyond just figures; they restore the credibility of our institutions and show both investors and citizens that transparency is not negotiable.\u201d<\/p>\n<p>Lawal also noted that Nigeria\u2019s current fiscal outlook requires every dollar earned from the oil and gas sector to be accounted for.<\/p>\n<p>She called for even stronger collaboration between regulatory bodies, parliament, and civil society to ensure sustained oversight and systemic change.<\/p>\n<p>\u201cIn a time of economic hardship and budgetary constraints, Nigeria simply cannot afford leakages in a sector that accounts for over 70 per cent of government revenue,\u201d she said.<\/p>\n<p>Lawal further urged the National Assembly to continue supporting agencies like NUPRC by upholding their independence and encouraging the timely implementation of audit recommendations.<\/p>\n<p>\u201cThe House Committee on Public Accounts has shown courage and resolve in tackling this issue head-on. Their collaboration with NUPRC in scrutinising these debts has proven effective, and we encourage similar action across other sectors,\u201d she added in the statement.<\/p>\n<p>\u201cLet this signal a new era where rules are enforced, not ignored; where compliance is rewarded and where failure to meet statutory obligations attracts swift penalties.<\/p>\n<p>\u201cThis is a turning point. Companies should see this not as punishment, but as an opportunity to align with the new standards. Transparency is no longer optional; it is the future of Nigeria\u2019s extractive sector.\u201d<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. As Nigeria repositions its oil and gas sector under the Petroleum Industry Act, PIA, the Centre for Fiscal Transparency in Natural Resources, CFTNR, has said the functions of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in enforcing transparency will be crucial to achieving long-term economic resilience. The CFTNR\u2019s assertion follows the House [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":161229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[254,9490],"class_list":["post-161230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-nigeria","tag-nuprc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NUPRC\u2019s efficiency crucial to Nigeria\u2019s economic sufficiency \u2013 Group - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nuprcs-efficiency-crucial-to-nigerias-economic-sufficiency-group\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NUPRC\u2019s efficiency crucial to Nigeria\u2019s economic sufficiency \u2013 Group\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. As Nigeria repositions its oil and gas sector under the Petroleum Industry Act, PIA, the Centre for Fiscal Transparency in Natural Resources, CFTNR, has said the functions of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, in enforcing transparency will be crucial to achieving long-term economic resilience. 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