NURPC unveils framework to address oil revenue loss

<p>The Nigerian Upstream Petroleum Regulatory Commission has introduced a regulatory framework to address the country’s oil theft and illegal financial flow challenges.</p>, <p>The commission also noted that the new regulatory framework, known as the Nigerian Upstream Petroleum Measurement Regulations, 2023 in line with the PIA, is a new initiative that will create a paradigm shift in oil-related revenue generation in the country.</p>, <p>The Chief Commission Officer of NUPRC, Gbenga Komolafe, disclosed this while speaking at a two-day National Anti-Corruption Conference organised by HEDA Resource Centre and Centre for Fiscal Transparency and Integrity Watch in Abuja.</p>, <p>The theme for the conference was ‘Nigeria and the Fight against Corruption: Reviewing the Buhari Regime and Setting Agenda for the Tinubu Administration’.</p>, <p>According to him, the policy would also address the issue of overloading and dispensing oil from the source, which invariably gives rise to making money from the illicit process.</p>, <p>He stressed that wrong hydrocarbon accounting practices had been on since the 1956 oil discovery in Nigeria, assuring that the commission was poised to stop corrupt practices in the sector.</p>, <p>“The idea is to stop the illicit financial flows from the source. When that happens it will make the work of the EFCC, and ICPC very easy,” he stated.</p>, <p>He noted that with this development, the era of operators harmonising crude oil figures with NUPRC staff was gone.</p>