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Wednesday, June 23, 2021
Home Downstream Regulators DPR remits $1.03bn to Federation Account from oil and gas royalties, legacy...

DPR remits $1.03bn to Federation Account from oil and gas royalties, legacy debts

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.Reinforces revenue collection channels 

Nigeria’s oil industry regulator, the Department of Petroleum Resources (DPR), has said that as a revenue collection agency of government has remitted $1.03billion to Federation Account from oil and gas royalties and legacy debts through robust regulatory reforms that have been put in place to ensure timely and efficient revenue collection drive.

It also noted that it would continue to use its regulatory instruments to enhance revenue collection for the Federal Government.

To this end, the Department The Director of Petroleum Resources,  Sarki Auwalu, said 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.

Such revenues are generated from licences, permits and approvals to enable buisnesses and create opportunities for investors in the oil and gas sector.

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

It noted that 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.

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