The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has endorsed the Federal Government’s decision to transfer royalty collection duties to the Nigeria Revenue Service (NRS), calling it a key move for transparency and revenue assurance under the Petroleum Industry Act (PIA).
Oritsemeyiwa Eyesan, Chief Executive Officer of NUPRC, clarified that while NRS manages collections and enforcement, NUPRC retains technical roles like production metering, volume verification, and royalty calculations. She highlighted coordinated frameworks with NRS on data integrity, harmonized processes, and distinct responsibilities to streamline operations, curb leakages, and boost accountability for operators.
Eyesan also defended the modest $3-7 million signature bonuses in the 2025 licensing round for 50 oil blocks, emphasizing a focus on technical expertise, robust work programs, and development potential over high-bid speculation. The round features transparent rules, enhanced data access, and firm commitments to ensure blocks lead to active production, not warehousing.
NUPRC’s broader agenda prioritizes production growth to 2 million barrels per day (bpd) short-term and 3 million bpd by 2030, plus 12 billion cubic feet per day of gas, through faster developments, better recovery, and real-time data. President Tinubu’s February 2026 Executive Order funnels all petroleum revenues directly into the Federation Account.
