Leon Usigbe
10 July 2008
The Department of Petroleum Resources (DPR) announced yesterday that it realised over $2.133 billion between the year 2003 and March 2008 from the bid rounds revenue.
According to the Acting Director of the department, Alhaji Aliyu Sabon Birni, the amount included signature bonus, application fees, bid processing fees and speculative data sale.
Speaking yesterday at the on-going investigative hearing organised by the House of Representatives Committee on Finance on the remittance of revenue accruing to the federation accounts by Ministries, Department and Agencies (MDAs), he gave the breakdown of the revenue to include $105. 42 million collected in 2003, $59.44 million collected in 2004, $1.084 billion in 2005, $405.34 in 2006 and 478.73 in 2007.
Alhaji Sabon Birni further stated that the DPR realised a total of over N2.4 billion within the same period from royalties, gas flared penalty, concession rentals, pipeline fees and licensing permits while N256, 899 million was collected in 2003, the sum of N379,806 million in 2004, N622, 740 million in 2005, N561,254 million in 2006, N494,532 million in 2007 and N179,039 between January and March 2008.
According to him, the revenue from royalties was paid directly by the oil companies into the designated accounts with the Central Bank of Nigeria (CBN) and Federal Government account in the Federal Reserve Bank in New York, while on the receipts of the fund, CBN prepared its bank statements.
He added that this was reconciled with the payment advices received from the oil companies on monthly basis, noting that the Nigerian National Petroleum Corporation (NNPC) collected royalties from the Producing Sharing Companies (PSC's) since 2004.
Meanwhile the Nigeria National Petroleum Corporation (NNPC) which is expected to appear before the investigative committee on Friday has disclosed that collected over N2.88 Billion from internally generated revenue from 2003 till March 2008.
According to its Managing Director, the breakdown of the amount showed that N470. 8 million was collected in 2003, N495 million in 2004, N343.1 million in 2005, N715 million in 2006 and N667.2 million in 2007.
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