The Committee generates and updates field data on all revenue collectors of the Federation Account other than revenues derived directly from sale of crude oil. Such revenues include but not limited to those collected by FIRS such PPT etc, Customs duties and Royalties etc. collected by DPR.
The Committee is involved in acquisition and generation of data, and computation of indices for revenue allocation. The data is in respect of the proxies for horizontal revenue sharing in the case of the Federation Account and both vertical and horizontal revenue sharing in respect of the 13% Derivation Funds.
It also collates field data from O & G Committee and hence generates indices for the disbursement of the derivation funds to:
The main functions of this Committee are:
The Committee performs the following roles:
The Committee, therefore establishes special relationship with
The Committee undertakes the revision of remuneration packages as may be required by the Constitution on the approval of the Commission. Before such an exercise is undertaken the Committee undertakes wide consultations with all Government’s of the Federation, the Judiciaries, the National and State Assemblies, Professional economic bodies and Nigerians in general such as to satisfy the democratic principle of governance.
The Committee is responsible for the following:
The main responsibility of this Committee is to ensure that the Federal Government of Nigeria and all its beneficiary governments get a fair deal from the foreign partners and all those involved in the exploitation of crude oil as well as solid minerals in Nigeria both onshore and offshore.
The Committee closely studies and analyses the agreements and ensures fairness to the Federation with particular reference to all, Memorandum of Understanding (MOU); Joint Operation Agreement (JOA); Production Sharing Contract (PSC) with Shell etc as well as PSC with Chevron and others; Joint Venture Cash Calls (JVCC); Sole Risk Contracts (SRC)
While it examines and certifies Profit Sharing Arrangements, it also determines the fairness and transparency of the cost items constituting the JVCC such that Nigeria does not pay for all costs incurred. It therefore examines and justifies all such Budgets that involve payments from beneficiaries of the Federation Account.
The Committee determines:
The Committee demands and obtains written authorities from all account keepers meant for the Federation Account including CBN, Foreign Domestic Account with any Commercial bank such as to enable the Commission to monitor constitutionally the movement of the Funds and hence vouch for this accuracy and transparency. It also establishes co-operation with CBN, Federal Ministry of Finance, Office of the Accountant-General of the Federation particularly Federation Account Desks, NNPC Foreign crude Accounts, DPR Royalty payment etc. as may be appropriate
The Gas Monitoring Committee is saddled with the following responsibility:
The Crude Oil Monitoring Committee has the following term of Reference: