DPR remits $1.03bn to Federation Account

Chinazor Megbolu |

The Department of Petroleum Resources (DPR), has said it remitted $1.03 billion to the Federation Account.

The oil and gas industry regulator in a statement on Tuesday hinted 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 also noted 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.