The Department of Petroleum Resources said it generated over N2trn in 2020.
The Director of DPR, Sarki Auwalu, made the disclosure while delivering a keynote address at the 2021 Oloibiri Lecture Series and Energy Forum, organised by the Nigeria Council, Society of Petroleum Engineers, in Abuja.
He said that despite the challenges posed by the COVID-19 pandemic during the year, the agency exceeded its revenue target.
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He also promised to surpass the N2trn in the current year.
Auwalu said that the Department takes seriously its mandate to optimise revenues for government, adding that the improved earnings in 2020 was as a result deployment of system and processes that ensures transparency and accountability.
He said, “DPR continues to exceed government’s target by employing systems and processes that ensure transparency and accountability in oil and gas revenue generation, competition, collection and reconciliation as well as legacy debt recovery.
“Despite the numerous challenges the sector has to deal with last year, we generated over N2trn and we intend to exceed the figure this year.”
This is even as the Federal Government said it is considering regulatory forbearance for investors in the oil and gas sector who are indebted to banks and are currently facing challenges due to the impact of the global pandemic on their businesses.