To enhance revenue collection for the Federal Government the Department of Petroleum says it will continue to use its regulatory instrument.
This was stated in a statement made by the DPR’s Director, Mr Sarki Auwalu on Tuesday in Lagos. Auwalu said the DPR, as a revenue collection agency of government, 1.03 billion dollars has been remitted to the Federation account from oil and gas royalties and legacy depth.
He further stated that the robust regulatory reforms that has been put in place to ensure timely and efficient revenue collection drive made this achievable. Auwalu 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”.
The director said “Such revenues are generated from licenses, permits and approvals to enable businesses and create opportunities for investors in the oil and gas sector, ”. Auwalu further said advising the government against borrowing from global financial institutions is not part of DPR’s, but there are agencies whose function is to do that.
© 2020, Allub News. All rights reserved. Re-publish is forbidding
Subscribe to our weekly newsletter below and never miss the latest fresh contents.