22 Sep 2020

DPR reinforces revenue collection channels

The Department of Petroleum Resources (DPR) says it will continue to use its regulatory instruments to enhance revenue collection for the Federal Government.

Auwalu said the DPR, as a revenue collection agency of government had remitted 1.03 billion dollars to the Federation Account from oil and gas royalties and legacy debts.He said this was achieved through robust regulatory reforms that had been put in place to ensure timely and efficient revenue collection drive. He said 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, 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, ” the director said.

Auwalu explained that it was not part of DPR’s functions to advise government against borrowing from global financial institutions.

According to him, there are agencies that are statutorily empowered to do that. (NAN)


News Credit – https://newsdiaryonline.com/