DPR Remits $1.03bn Into Federation Account From Oil And Gas Royalties

…..Plans To Reinforce Revenue Collection Channels

The Department of Petroleum Resources has remitted the sum of $1.03bn into the Federation Account from oil and gas royalties and legacy debts through robust regulatory reforms.

In a statement by the Director of Petroleum Resources, Sarki Auwalu, the Agency noted that the amount was collected and remitted through reforms that have been put in place to ensure timely and efficient revenue collection drive.

Auwalu said in the statement that the Department would continue to use its regulatory instruments to enhance revenue collection for the Federal Government.

The statement noted that such revenues are generated from licences, permits and approvals to enable businesses and create opportunities for investors in the oil and gas sector.

He explained that the Department collects oil and gas royalties, which represent the propotional value of oil and gas production, flare gas penalties, concession rentals paid for grant of oil and gas acreages and miscellaneous oil revenues comprising statutory application fees, licences, and permit fees.

Meanwhile, the DPR has clarified that it is not part of its functions to advise government against borrowing from global financial institutions.

The statement added, “Contrary to an erroneous report in an online publication, it was not the responsibility of the DPR to advise government on financial matters as there are agencies that are statutorily empowered to do that.”