NUPRC, NRS to Strengthen Oil Revenue Collection

By Modupe Gbadeyanka

Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.

Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.

The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.

In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.

Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.

She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.

In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.

“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.

He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.