TheCable

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) proposed N50.42 billion for welfare packages in 2024.

This is contained in the recently released 2024 government-owned entities’ (GOE’s) budget proposal. 

NUPRC also plans to spend N1.5 billion on contingency.

According to the agency, N713.25 million is expected to be spent on the purchase of motor vehicles, while the proposed budget for the construction of office buildings is fixed at N20.07 billion.

Furthermore, N265.43 million is allocated to local training and N906.92 million to international training, with foreign and domestic travel and transport fares pegged at N2.66 billion, while N112.97 million is allocated to promotion, recruitment, and appointment.

For publicity and advertisements, the commission said it will spend N633.38 million, allotting N3.5 billion to software charges and licence renewal, while office stationery and computer consumables will gulp N1.02 billion.

Also, NUPRC earmarked N71.77 million for refreshments and meals, N2.97 million for honorarium and sitting allowance, and N131.59 million for the purchase of power generating set.

In total, NUPRC proposed N229.815 billion for expenditure, with a revenue projection of N232.378 billion in revenue.

NUPRC plans to transfer N2.049 billion to the consolidated revenue fund (CRF).

Meanwhile, on January 1, NUPRC unveiled a three-year plan (2024 to 2026) for operations in the oil and gas sector.

The plan for 2024 includes implementing a new royalties management procedure, establishing an oil and gas pricing and value monitoring desk, implementing production curtailment and domestic crude supply obligation regime, as well as growing oil output to 2.6 million barrels per day.