Victor EzejaThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recorded a historic high of ₦12.2 trillion revenue in 2024.
This represents a 176.7 percent surge compared to ₦4.3 trillion recorded in 2023.
Join our WhatsApp ChannelThe 2024 performance report released by NUPRC revealed that it recorded ₦3.7 trillion revenue in 2022.
According to the upstream sector regulator’s report, Internally Generated Revenue (IGR) was ₦1.6 trillion.
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A breakdown of the expenditure in the report showed that the Cost of Revenue Collection (CORC) stood at ₦271 billion, compared to ₦114.8 billion in 2023. The overhead cost was ₦85.8 billion, representing 44.9 per cent of the total spending; personnel cost was ₦63.2 billion or 33.10 per cent, while capital cost was ₦41.9 billion (21.9 per cent).
According to the report, during the year under review, an average of 77 per cent of the daily Domestic Gas Delivery Obligation (DGDO) was delivered in terms of gas deployment.
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The NUPRC report indicated that the following issues were hindering DGDO performance: inadequate interconnectivity and in-country gas infrastructure; problems with gas transmission pressure; the unreliability of the off-takers in accepting designated nominations; problems with gas inventory; grid power infrastructure constraints; and security concerns, among other issues.
The report further revealed that a total of 732 environmental incidents were recorded, including blowouts, corrosion, equipment failure,’ mystery’, natural accidents, operational maintenance errors, and sabotage.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
