The Nigerian Upstream Petroleum Regulatory Commission(NUPRC) has introduced a regulatory framework to address the country’s oil theft and illegal financial flow challenges.
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.
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.
The theme for the conference was ‘Nigeria and the Fight against Corruption: Reviewing the Buhari Regime and Setting Agenda for the Tinubu Administration’.
In his statement, 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.
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.
“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.
He noted that with this development, the era of operators harmonizing crude oil figures with NUPRC staff was gone.