Minister of State for Petroleum Resources Ibe Kachikwu says the Federal Government, through automation initiatives by the Department of Petroleum Resources (DPR), has realized over N1.66 trillion from royalties and renewal of oil block licenses within one year; about 80 per cent rise against the previous year’s.

Speaking in Lagos, yesterday, during the launch of Crude oil and Liquefied Natural Gas (LNG) Tracking (COLT) and automation initiatives, Kachikwu said until now, the process of royalties payment was determined by the oil firms, adding that today, the process is being determined by the DPR through automation initiatives.

The breakdown, according to the minister shows that a total of N1.3 trillion was realised from royalties while $1.2 billion was earned from 42 oil blocks renewals.

“This is part of President Muhammadu Buhari’s mandate to improve earnings in the nation’s oil and gas sector as well as strengthening regulations to enhance efficiency in the daily crude oil production and exploration.

The minister noted that the country now has a computer based application that enables the regulatory agency to track crude oil, petroleum products from different terminals to their destinations both within and outside the country.

“It is a vessel tracking mechanism so that at any given time, we can tell what the country has produced for the very first time in the history of the country. We can also tell where the products have gone in term of export and where they are discharged.

The new technology monitors on a forensic basis, if there are some suspicious movements of vessels after we have products loaded into them.

“It has also been extended to the downstream sector to be able to capture everything that is brought into the country in terms of product importation of refined products. And also to be able to track the distribution,” he said

He noted that the regulatory agency has also launched a benchmarking system to track the expenses and reduce cost of producing oil in the country which, according to him, had been a major challenge.

“The benchmark system will help cut down cost of producing crude oil in the country and given the oxalating price oil all over the world, unless we are able to do this, we will produce all the oil and we will make no money out of it.

“The new scheme has been very helpful. With this we can challenge the oil companies with what they have externally in terms of best practice”, he said.

Kachikwu explained that henceforth, oil companies must ensure that they don’t have royalty arrears for payment before renewal of their licenses, adding that no oil company’s license will be renewed with royalty debts.

https://www.dailytrust.com.ng/fg-earned-n1-662trn-from-oil-block-license-renewals-royalties-in-one-year.html

And nothing to show for it


Unemployment, strife , homelessness, insecurity , economic hardship everywhere .

Buhari really failed .

For your Chinese full and half scholarships at undergraduate and graduate levels check my signature.

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And they are stil borrowing,people are suffering

80% rise from previous government.

It is a must for Pdp to be finally laid to rest on Feb 16.

PDP!!! Die die die die die die die die die die die die die die die!!!

Good, if it was before Dieziani will have pocketed 80% and returned 20%

And yet we can't see cheap fuel to buy and power our car AC all the time?
Transportation still high.....who is really corruption?

Good one, good development, some pained dick head will be sad about this....

Lol

Buhari would have been a good president if he had run an all inclusive and transparent government. But running a regional govt and nepotism based govt really pitched him against well meaning Nigerians.

Therefore Mr. Buhari having found you guilty of the above, YOU ARE FIRED.

andivirus:
Buhari would have been a good president if he had run an all inclusive and transparent government. But running a regional govt and nepotism based govt really pitched him against well meaning Nigerians.

Therefore Mr. Buhari having found you guilty of the above, YOU ARE FIRED.

I guess Ibe Kachikwu is from the north

Erastuslove:
And yet we can't see cheap fuel to buy and power our car AC all the time?
Transportation still high.....who is really corruption?

Go and work and stop looking for freebies, fuel is relatively cheap

And we are still borrowing like water

GoldChest:
And nothing to show for it


Unemployment, strife , homelessness, insecurity , economic hardship everywhere .

Buhari really failed .

So which of the above(s) are you suffering from.

Go and make yourself productive.

The FG owns at least 51% stake in over 100 oil blocks earns royalty on the 49% (crude and gas) and also taxex the 49% 85% petroleum profit tax. Despite all this we still dey suffer

All niger delta wealth... useless country...

ednut1:
The FG owns at least 51% stake in over 100 oil blocks earns royalty on the 49% (crude and gas) and also taxex the 49% 85% petroleum profit tax. Despite all this we still dey suffer

Since you have these information you should make a little enquire more about who spends the money.

All these monies, Oil, tax, customs etc are all shared by the 3tiers of government. Federal, State and local government. In most cases State have annexed LG portion to their own.
It's not Federal Government own. Monthly all started go for sharing

the inepitude government earned #1.3 trn and $1.2b under one year and the owners of the land are living in penury and abject poverty.God will punish una.

On Saturday, when going to vote for President Muhammadu Buhari reelection, don't go alone, hold your friends and family who are eligible voters along.

APC is for progressiveness

Clean2016:


Since you have these information you should make a little enquire more about who spends the money.

All these monies, Oil, tax, customs etc are all shared by the 3tiers of government. Federal, State and local government. In most cases State have annexed LG portion to their own.
It's not Federal Government own. Monthly all started go for sharing

fg keeps 52%. Is that not enough

ASUU Is Asking For Just #50b. What's Buhari Doing With Money?

post=75644155:
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a dullard commending a dullard.mai nama sai mai suya

Will it stop them fron borrowibg

Income generated from all our revenue sources have been on the increase since Buhari came in , FIRS, customs, NPA, NIMASA and so on coupled with the rising debt profile yet nothing to show, It is quite disheartening that with the unprecedented rise in revenue, Nigeria under Buhari over took India as the World Poverty Headquarters. This election should provide ample opportunity for sensible Nigerians to vote wisely. Enough of APC lies and propaganda.

See money. God naija is blessed but bad leaders dealt with us.