Two agencies regulating Nigeria’s petroleum industry could not properly account for over N313 billion and their actions resulted in the loss of revenue to the government, according to the latest report by the Auditor General of the Federation.
The two petroleum agencies indicted in the report are the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The findings in the 2021 audit report, the latest by the auditor general, are interim observations requiring the regulators to provide explanations to the auditor general. However, even in cases where they provided explanations, the auditor general said some of their explanations were untenable.
