The Department of Petroleum Resources (DPR) has disclosed that it has remitted no fewer than 1.03 billion dollars to the Federation Account.
It explained that the $1.03 billion was from oil and gas royalties and legacy debts after improving on its regulatory instruments to enhance revenue collection for the Federal Government.
DPR’s Director, Sarki Auwalu, said that the feat was achieved through robust regulatory reforms that had been put in place to ensure timely and efficient revenue collection drive.
Through a statement released to newsmen on Tuesday, Auwalu said that the department collects oil and gas royalties, which represent the proportional value of oil and gas production and flare gas penalties.
“It also collects concession rentals paid for grant of oil and gas acreages and miscellaneous oil revenues comprising statutory application fees, licenses, 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, ” the statement said.