Shell pays Nigerian govt $6.4bn as production entitlement, tax…

0
610

Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo), have paid Nigerian National Petroleum Corporation, NNPC, Federal Inland Revenue Service, FIRS, Department of Petroleum Resources and others $6.397 billion as production entitlement and tax in 2018.

In their Sustainability Report, titled, ‘Industry Associations Climate Review; Nigeria Briefing Notes; and Payments to Government Report’, released in Lagos yesterday, they noted that, the payment represents a 48 per cent increase over payments by the companies to Nigerian government in 2017 which was $4.322 billion.

A breakdown of the 2018 payments showed that, the Shell companies paid $3.776 billion to the Nigeria National Petroleum Corporation as production entitlement while $1.286 billion was paid in taxes to the Federal Inland Revenue Service, adding that another $1.253 went to the Department of Petroleum Resources for royalties and fees, while $81.5 million was remitted to the Niger Delta Development Commission.

Shell engineer Group Chief Executive Officer of the Royal Dutch Shell, Ben Van Beurden, stated: “The payments formed part of the four documents released, to signal Shell’s renewed commitment to greater transparency. “Shell must remain at the forefront of the drive for greater corporate transparency. We will continue to be more open about what we do and why we do it.”

We want to help people better understand Shell’s performance, values and principles. These reports outline our approach and activities in the crucial areas of sustainability and our relationships with industry associations and governments.”

The Managing Director of SPDC and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, also described the reports as a further testament to Shell’s efforts to increase transparency around activities that are important to investors, governments and civil society.

He stated: “We are irrevocably committed to transparency just as we are to business integrity part of our core values and central tenets of the Business Principles that govern the way we do business.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.