The Department of Petroleum Resources (DPR) says it generated a total sum of N742,471,639,376. 96 billion for the Federal Government from January to August 2020.
Mr Sarki Auwalu, Director, DPR, made the disclosure during a visit of the Federal House of Representatives Committee on Petroleum Resources (Upstream) to the DPR headquarters in Lagos on Wednesday.
The News Agency of Nigeria (NAN) reports that the committee, chaired by Mr Musa Adar, visited the regulatory agency as part of its oversight duties.
Auwalu expressed optimism that the regulatory agency would surpass its revenue target for the year despite the ‘triple force’ of COVID-19 pandemic, oil price crash and OPEC plus production cuts.
He said, “DPR is a revenue collection agency for revenues accrueable to government from oil and gas industry operations.
”DPR 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.
“The agency conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.
“It also 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,” he said.