The Department of Petroleum Resources (DPR) on Wednesday, disclosed that it remitted N673.72 billion into the Federal Government’s(FG) coffers within the space of six months in 2020.

This was even as it assured that it would surpass its revenue target for the year.

The Director of Petroleum Resources, Mr Sarki Auwalu made the disclosure when the Chairman of the sub-committee, Mr Kabir Mashi led a delegation from Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-committee on a visit to the DPR office.

In a statement issued in Abuja, the Director stated that the Department, whose responsibility is to collect revenues from oil and gas industry operations, collects royalties which represent the proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring, concession rentals, paid for the grant of oil and gas acreages by exploration and production companies, and miscellaneous oil revenue which consists of statutory application fees, license and permit fees and penalties.

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He said the agency operates a cashless revenue system that enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account, TSA, the policy of the government.

On his part, the Sub-Committee Chairman said the visit was aimed at strengthening collaboration with revenue collection agencies of government to ensure a seamless analysis of revenue inflows into the federation account.

While commending the agency’s timely and accurate collection of revenues for the federation, he urged the DPR to continue its collection drive.

Also, he tasked them on initiating policies that would continue to stimulate the economy so as to ensure that oil and gas current contribution of 10 per cent to Gross Domestic Product, GDP, can be significantly increased.