An audit report reveals ₦313 billion in unaccounted funds from Nigerian petroleum regulators, exposing financial mismanagement and urging recovery of lost government revenue. A recent audit by Nigeria’s Auditor General has revealed significant financial mismanagement within two key petroleum regulatory agencies, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The audit indicates that over ₦313 billion and $2.28 billion in revenue were unaccounted for, resulting in substantial government losses. The audit, focusing on activities in 2021, identified poor regulatory oversight and violations of financial regulations. Among the highlighted issues were outstanding royalties, unremitted bridging allowances, and inconsistencies in marketers’ debt records. Despite explanations provided by both agencies, many responses were deemed inadequate by the Auditor General. Key Findings: Recommendations: The Auditor General has directed the Chief Executive Officers of both NUPRC and NMDPRA to recover the outstanding amounts and ensure compliance with financial regulations. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
