the Department of Petroleum Resources (DPR) has remitted 1.03 billion dollars to the Federation Account.
The DPR’s Director, Mr Sarki Auwalu, who made this known in a statement issued on Tuesday in Lagos, said the remittance was made from oil and gas royalties and legacy debts.
According to him, the huge remittance was achieved through robust regulatory reforms that had been put in place to ensure timely and efficient revenue collection drive.
Auwalu said the department collects oil and gas royalties, which represent the proportional value of oil and gas production and flare gas penalties.
He explained:“It also collects concession rentals paid for grant of oil and gas acreages and miscellaneous oil revenues comprising statutory application fees, licences, and permit fees.
“Such revenues are generated from licenses, permits and approvals to enable businesses and create opportunities for investors in the oil and gas sector.”
Auwalu, who said it was not part of DPR’s functions to advise government against borrowing from global financial institutions, assured that DPR will continue to use its regulatory instruments to enhance revenue collection for the Federal Government.
©Copyright MOTORING WORLD INTERNATIONAL.
All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International