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NIGERIA PETROLEUM REGULATORY BODY RAKES OVER $1B TO FEDERATION ACCOUNT

The Nigeria Petroleum Regulatory body Department of Petroleum Resources (DPR), has said it will continue to use its regulatory instruments to enhance revenue collection for the Federal Government.

These instruments, via which the Department as a revenue collection agency of government has remitted $1.03billion to Federation Account from oil and gas royalties and legacy debts through robust regulatory reforms that, have been put in place to ensure timely and efficient revenue collection drive.

The Director of Petroleum Resources, Sarki Auwalu, said the Department collects oil and gas royalties, which represent the proportional value of oil and gas production, flare gas penalties, 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 licences, permits and approvals to enable businesses and create opportunities for investors in the oil and gas sector.

Meanwhile, the DPR clarified that it is not part of its functions to advise government against borrowing from global financial institutions.

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