The Department of Petroleum Resources (DPR) has announced that the Federal Government earned N748 billion in 2017. The earnings were generated from taxes and royalties paid by oil and gas companies operating within the country. The agency made this known during a workshop for energy reporters in Lagos.

The money earned by the Federal Government was said to have represented about 83 percent target of the DPR, a department under the Nigerian Federal Ministry of Petroleum Resources (FMPR), saddled with the responsibility of exploration and importation of Petroleum products.

The agency also renewed about 25 oil blocks, which generated a combine revenue of $1 billion. DPR granted approval for 16 new field development plans in 2017, which would increase the nation’s oil and gas production by 560,463 when completed. The agency also issued ten licences and approval for development of gas production and processing facilities that culminated in the commencement of the operation of the plant.

The agency further said it facilitated improved cooking gas penetration with local consumption growing from 390,000 metric tonnes to 470,000 metric tonnes, with a potential to hit 500,000 metric tonnes milestone.

This year the DPR had fined an oil marketing company based in Kano, A.Y. Maikifi, the sum of N1.2 billion for diverting 115 truckloads of the products.

In May, 2018, the agency had warned depot owners against selling petroleum products to unlicensed marketers. DRP Warri Zonal Operations Controller, Antai Asuquo gave the warning; he said the measure would help checkmate fuel diversion to unknown destinations.

Recently, the Nigerian Senate had approved over N348 billion for payment of outstanding petroleum subsidy claims to 74 petroleum marketers. The approval came following the Senate’s adoption of an interim report submitted by its Committee on Petroleum Downstream sector, on the Promissory Note Programme as well as a Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum marketers.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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