DPR generates, remits N673bn to FG in 6 months
Department of Petroleum Resources

By Michael Eboh

The Department of Petroleum Resources, DPR, on, disclosed that it generated N673.72 billion for the Federal Government in the first six months of 2020.

In a statement in Abuja, Director of Petroleum Resources, Mr. Sarki Auwalu, who stated this during the visit of the Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-committee to the DPR, also promised that the apex petroleum industry regulator would surpass its revenue target for 2020.

Auwalu explained that that the DPR is a revenue collection agency for revenues accruable to the government from oil and gas industry operations.

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He added that the DPR collects oil and gas royalties which represents the proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring, concession rentals, paid for the grant of oil and gas acreages by exploration and production companies, and miscellaneous oil revenue which consists of statutory application fees, license and permit fees and penalties.

He noted that the regulatory agency operates a cashless revenue system that enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account, TSA, the policy of the government.

He disclosed that the DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.

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Also speaking, the Chairman of the sub-committee, who led the delegation from FAAC, Mr. Kabir Mashi, commended the DPR for putting inappropriate measures in ensuring timely and accurate collection of revenues for the federation.

He explained that their visit was aimed at strengthening collaboration with revenue collection agencies of government to ensure a seamless analysis of revenue inflows into the federation account.

He encouraged DPR to continue its positive revenue collection drive and to initiate policies that would continue to stimulate the economy so that oil and gas current contribution of 10 per cent to Gross Domestic Product, GDP, can be significantly increased.

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