The Investment Monitoring Committee of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has awarded a five star rating to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its performance in revenue generation and the provision of accurate data regarding its regulatory functions.

Chairman of the Investment Monitoring Committee, Ekene Enefe, along with other committee members, gave the commendation during a courtesy visit to the Commission. According to Mr. Enefe, the visit was aimed at fostering collaboration and addressing challenges related to revenue generation.

Speaking on behalf of the Commission’s Chief Executive, Engr. Gbenga Komolafe, the Executive Commissioner for Economic Regulation and Strategic Planning, Babajide Fashina, elaborated on the NUPRC’s mandate as outlined in the Petroleum Industry Act of 2021. He noted that the Commission is working assiduously to ensure that the Upstream Oil and Gas industry operates in line with global best practices.

Mr. Fashina highlighted that the Commission is making significant progress through new regulations and policy reforms. He also informed the visiting team that the NUPRC is actively opening up the oil and gas industry to attract more investment.