REVENUE

The Department charges and ensures payment of Royalties on all producing fields.

The Department collects rents accruing to the Federal Government of Nigeria from awarded concession on yearly basis and pays same into a designated Federal Government account with the Central Bank of Nigeria

The Federal Inland Revenue Service (FIRS) collects the petroleum profit tax on behalf of the Federal Government of Nigeria.

This constitutes revenues accruing to the Federal Government from penalties imposed on oil companies for gas flaring. The penalty is intended to serve as a deterrent to routine gas flaring.