FEDERAL Government said it has generated almost N2trillion from royalty recovery scheme aimed at recovering royalty indebtedness by exploration oil firms in the country. Oil and gas royalties refer to funds received from the production of oil or gas, free of costs, except taxes. “The process of determining royalty in the past was largely driven by initiatives of oil companies that determine what they produce and we calculate the royalty based on their own figure. But now, we have been able to use the system we have now to see what the actual productions are. It’s a voluntary scheme; it does not compel you before it is due for you to apply.

Source: Nigerian Tribune February 11, 2019 16:30 UTC