The Department of Petroleum Resources, DPR, Wednesday said that as a revenue collection agency for revenues accruable to government from oil and gas industry operations, it will redouble efforts to surpass its 2020 target.
The agency also disclosed that it generated N673.72 billion for the Federal Government in the first six months of 2020.
Director of the DPR, Mr. Sarki Auwalu, while speaking during the visit of the Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-committee promised that the petroleum industry regulator would surpass its revenue target for 2020.
He added that the DPR collects oil and gas royalties which represents proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring, concession rentals, paid for grant of oil and gas acreages by exploration and production companies and miscellaneous oil revenue which consists of statutory application fees, licence and permit fees and penalties.
He noted that the regulatory agency operates a cashless revenue system which enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account, TSA, policy of 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.
Also speaking, Chairman of the sub-committee, who led the delegation from FAAC, Mr. Kabir Mashi, commended the DPR for putting in appropriate 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 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.
Source: OrientaNews