Oil Royalties, Legacy Debts Account For $1.03B Remitted To FG-DPR

Yemisi Izuora

The Department of Petroleum Resources (DPR), has disclosed the remittance of $1.03 billion to the Federation Account.

The figure was released via a statement on Tuesday by the agency.

The DPR, explained that the remitted money was from oil and gas royalties and legacy debts through robust regulatory reforms put in place to ensure timely and efficient revenue collection drive.

The Director, DPR, Mr. Sarki Auwalu in the statement assured that the agency will continue to use its regulatory instruments to enhance revenue collection for the Federal Government of Nigeria.

He said the DPR collects oil and gas royalties, that shows the propotional 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.

The organisation maintained that the revenues are gotten from licences, permits and approvals to enable buisnesses and create opportunities for investors in the sector.

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