Director, Department of Petroleum Resources, DPR, Sarki Auwalu has said the agency hopes to increase its revenue generation target to N2.3 trillion next year.

Speaking during an interactive session with the House of Representatives Committee on Petroleum (Upstream) in Lagos, Auwalu said the target comes on the heels of over N1 trillion generated this year with an average of N1.9 billion revenue per staff.

According to him, the oil industry is facing challenges bordering on oil price crash, OPEC cuts, and Covid-19, therefore the need to ramp up more revenue generation avenues. This he said, necessitates enacting regulations that encourage investment and the passage of the Petroleum Industry Bill, PIB. “As one of government agencies, we are also looking at ways to increase our revenue target for next year to N2.3 trillion,” he said.

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Source: SweetCrudeReports