Chevron Pays Nigerian Government Triple the U.S. Contribution in 2023
Thank you for reading this post, don't forget to subscribe!Chevron Corp. paid $6.25 billion in taxes and shared oil production to Nigeria, Angola, and Equatorial Guinea in 2023, significantly exceeding the $1.99 billion paid to the U.S. government, according to newly disclosed figures under Section 1504 of the Dodd-Frank Act.
Nigeria emerged as a key beneficiary, highlighting the country’s lucrative relationship with the oil giant. Chevron’s payments to African petrostates were more than three times what it paid to the U.S., despite producing more oil and gas in America than anywhere else.
This data, disclosed for the first time under U.S. regulations aimed at increasing financial transparency in the extractive industries, underscores the critical economic role Chevron and other multinational oil companies play in Nigeria’s economy. It also draws attention to the disparity in resource management and royalties, as the U.S. collects lower payments due to private ownership of mineral rights, contrasting with Nigeria’s government-owned resources.
The disclosure follows years of advocacy by transparency groups pushing for oil companies to reveal payments made to host governments, a move intended to combat corruption and ensure fair distribution of wealth from natural resources.
Chevron stated that it complies with all legal and contractual requirements in the countries where it operates and remains committed to financial transparency.
