“The Idea Is To Stop the Illicit Financial Flows”: FG Releases Regulatory Framework To End Oil Revenue Loss
- A new framework to checkmate the continuous reporting of oil revenue has been released by the federal government
- The move is part of the government's fight against corruption in the oil sector as it continues to win the battle against oil theft
- The federal government is particular concern about cutting off the pipeline of illicit financial flows in the country
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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 hopes that the new regulatory framework, known as the Nigerian Upstream Petroleum Measurement Regulations, 2023 in line with the PIA, will make it easy for EFCC, and ICPC to nab criminals.
It also noted that the new regulatory framework will help create a paradigm shift in oil-related revenue generation in the country, Punch reports.
What is NUPRC, saying
Gbenga Komolafe, the Chief Commission Officer of NUPRC announced the new framework while speaking at a National Anti-Corruption Conference in Abuja.
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He explained further during his address that 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 stated:
“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."
Komolafe further assured that the commission was poised to stop corrupt practices in the sector.
The NUPRC boss further announced that the era of operators harmonising crude oil figures with NUPRC staff was gone.
Petrol prices to come down as marketers begin importation says FG
Meanwhile, Legit.ng had earlier reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that oil marketers had started the importation of petrol into Nigeria.
Before now, the Nigerian National Petroleum Corporation (NNPC) imported most of the petrol consumed in Nigeria.
But Faroul Ahmed, the chief executive officer of NMDPRA, said out of the 56 oil marketing firms that applied for licenses, 10 had shown commitment, while three imported fuel into Nigeria.
Source: Legit.ng
