The Joint Senate and House Committee on Finance has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for surpassing its 2024 revenue target.

The committee made the commendation when the Commission Chief Executive, Engr. Gbenga Komolafe, appeared before the committee on Monday, January 13.

This achievement, the committee noted, highlights the Commission’s significant contribution to national revenue and its efficient regulatory oversight of Nigeria’s upstream petroleum sector.

Responding to questions on gas flaring, the CCE noted that the Commission has developed a comprehensive Gas Flaring and Commercialization Plan which aims to reduce methane emissions significantly while generating additional revenue for Nigeria through optimized gas utilization and monetization.

Engr Komolafe emphasized NUPRC’s commitment to balancing environmental sustainability with economic growth in the upstream petroleum sector.

These accomplishments, the CCE says reflects NUPRC’s strategic initiatives aimed at improving revenue generation, compliance, and transparency within the sector.

On their part, the legislators emphasized the importance of such performance in supporting the country’s fiscal budget and encouraged the NUPRC to sustain and build on this progress.