The Department of Petroleum Resources says it has remitted $1.03bn to the federation account from oil and gas royalties and legacy debts.
The oil industry regulator made this known in a statement to Platforms Africa.
The DPR Head, Public Affairs, Paul Osu, quoted the Director, Sarki Auwalu, as saying that the oil and gas royalties represent the proportional value of oil and gas production, flare penalties, concession rentals paid for grant of oil and gas acreages and miscellaneous oil revenues, which comprise statutory application fees, licences and permit fees.
“Such revenues are generated from licences, permits and approvals to enable businesses and create opportunities for investors in the oil and gas sector,” Osu said.
Against the backdrop of a report in an online publication, the DPR, in the statement, clarified that advising the government against borrowing from global financial institutions was not its responsibility, as there were agencies with the statutory empowers.
“The DPR would continue to use its regulatory instruments to enhance revenue collection for the Federal Government.
“To this end, the department, as a revenue collection agency of government, has remitted $1.03bn to the federation account from oil and gas royalties and legacy debts through robust regulatory reforms put in place to ensure timely and efficient revenue collection drive,” DPR said.
