DPR Targets N900bn Remittance Into Federation Account In Q2

The DPR has said it is targeting to generate and remit about N900 billion into the Federation Account in the second quarter of the year.

The agency has also received over $20 billion investment proposals since the inauguration of the Oil and Gas Excellence Centre (NOGEC) in Lagos by President Muhammadu Buhari.

The Director of DPR, Mr. Sarki Auwalu, at a strategic management session with the management of the Nigeria Extractive Industries Transparency Initiative (NEITI) in Lagos, said the agency exceeded its first quarter revenue generation target by 6.99 per cent and that the actual amount it remitted was N452 billion.

The NEITI team was led by its Executive Secretary, Dr. Orji Ogbonnaya Orji, who said the team came to seek partnership with DPR on how to collectively ensure transparency and create value for Nigerians through the country’s oil and gas sector.

Auwalu added that the agency was working to double the first quarter remittance and is trying to support the government to deliver services to the people.

“January to March, we exceeded our target by 6.99 per cent. Actual collection, first quarter, N452 billion already sent to government and between April, May and June, I think if we are lucky, we will double this.

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“It is expected to be around N900 billion, which is the budgeted figure. We are trying our best to support this government to make sure that this government really works for Nigerians,” Auwalu said.

He stated that the agency was serious about recovering whatever was due to the government which could be through withholding service instruments and penalties.

He added that the agency would rather want more royalties than penalties as a business enabler and a revenue generator.

Auwalu said this could be achieved through the various strategies adopted by the agency like automation of business and making sure that it improves transparency and accountability.

However, the DPR boss said since the inauguration of the National Oil and Gas Excellence Centre (NOGEC) by the president, DPR had received investment proposals of over $20 billion from local and foreign investors.