Oritsegbubemi Omatseyin
Lagos — The Joint Senate and House of Representatives Committee on Finance has commended the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, for surpassing its 2024 revenue target.
The committee made the commendation when the Commission Chief Executive, CCE. Engr. Gbenga Komolafe, appeared before the committee.
According to the Committee, the achievement highlighted the Commission’s significant contribution to national revenue and its efficient regulatory oversight of Nigeria’s upstream petroleum sector.
Responding to questions on gas flaring, the CCE noted that the Commission has developed a comprehensive Gas Flaring and Commercialisation Plan, GFCP, which aims to reduce methane emissions significantly while generating additional revenue for Nigeria through optimised gas utilisation and monetisation.
Engr. Komolafe emphasised NUPRC’s commitment to balancing environmental sustainability with economic growth in the upstream petroleum sector.
According to Komolafe, NUPRC,s accomplishments reflect its strategic initiatives aimed at improving revenue generation, compliance, and transparency within the sector.
On their part, the legislators emphasised the importance of such performance in supporting the country’s fiscal budget and encouraged the NUPRC to sustain and build on this progress.
