The Department of Petroleum Resources (DPR) said it has generated the total sum of N673,715,399.92 for the Nigerian Government in the first half of the year, spanning January -June 2020.
The Director of Petroleum Resources, Mr. Sarki Auwalu, who disclosed this during the visit of the Federation Allocation Accounts Committee (FAAC) post-mortem sub-committee to DPR on Wednesday, assured the team that DPR will surpass its revenue target for the year.
He said that DPR is a revenue collection agency for revenues accruable to government from oil and gas industry operations and that DPR operates a cashless revenue system which enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account (TSA) policy of government.
He informed that DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.
He stated further that DPR collects oil and gas royalties which represents proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring, concession rentals paid for grant of oil and gas acreages by exploration and production companies and miscellaneous oil revenue which consists of statutory application fees, licence and permit fees and penalties.
The delegation which was led by its Chairman, Mr. Kabir Mashi commended DPR for putting in appropriate measures in ensuring timely and accurate collection of revenues for the federation.
He said that their visit was to strengthen collaboration with revenue collection agencies of government to ensure seamless analysis of revenue inflows into the federation account.
He encouraged DPR to continue its positive revenue collection drive and to initiate policies that will continue to stimulate the economy so that oil and gas current contribution of 10% to Gross Domestic Product (GDP) can be significantly increased.