The Federal Government, through the Department of Petroleum Resources (DPR) has disclosed plans to generate N3.2 trillion revenue by the end of December 2021.
This it attributes to the improved revenue outlook, including signature bonuses, stating that over 70 per cent of the revenue projection has already been met.
Speaking during a courtesy visit to the Petroleum Technology Development Fund (PTDF) in Abuja, the Chief Executive Officer of DPR, Sarki Auwalu said the country possesses the advantage of exporting skills to emerging oil and gas countries across Africa with proper implementation of the newly passed Petroleum Industry Act.
“Last year, we exceeded our revenue budget. We were given N1.5 trillion but we were able to generate N2.7. This year, our revenue budget was N3.2 trillion. By the end of August, we have generated up to 70 per cent,” Auwalu said.
He stated that the Department currently seeking ways to address capacity development in the nation’s oil and gas sector in collaboration with PTDF, which currently houses the implementation of PIA.
The Director further stressed that the FG was determined to create leeway that would encourage investors and drastically improve the nation’s petroleum industry
He stressed a need for the country to vigorously pursue capacity development that would reduce the import of skills from Europe and promote the export of skills to emerging oil and gas countries across Africa.
Similarly, he stated that the recently launched National Oil and Gas Excellence Center (NOGEC) by President Muhammadu Buhari provided for up to five critical centres that are reflected directly or indirectly in the current PIA.
He noted that the government took advantage of fiscal terms within the old and new legislation, creating a level of increased signature bonuses.
“We reorganised the work programme that is normally being done in the DPR to key into the new operational structure as we see it in the bill, now an act. The planning and strategic business unit as against what we used to have, is handling that programme.
“The entire work programme is supposed to show not only the technical but also commercial and viability of oil fields and to guarantee the return on investment for investors. We have also created an economic value and benchmarking unit to key into the new fiscal provisions of the PIA,” he said.
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