NNPC Denies Owning International Oil Traders $6.8 Billion, Clarifies Tax Remittances
The Nigerian National Petroleum Company Limited (NNPC) has denied owing international oil traders $6.8 billion, according to a statement released by the company’s spokesperson, Olufemi Soneye on Sunday. The clarification comes in response to reports suggesting that NNPC owes international oil traders the sum of $6.8 billion due to fuel importation and non-remittance to the Federation Account Allocation Committee.
NNPC has also dismissed claims that it has not remitted taxes to the Federal Inland Revenue Service (FIRS) since January. According to the company, it and its subsidiaries remit their taxes to FIRS regularly, and in addition, pay CIT to road contractors under the Road Investment Tax Credit Scheme. NNPC further stated that it is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC).
Regarding the quality and quantity fiscalization of imported petroleum products, NNPC clarified that it has no role in this matter as it is not a regulator. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is the relevant regulatory agency responsible for overseeing such issues.
The company’s spokesperson emphasized that NNPC is committed to transparency, accountability, and performance excellence, and welcomes inquiries from the media before disseminating information to the public. This commitment is in line with the company’s philosophy since the Mele Kyari-led management took office in 2019.
In summary, NNPC has denied owing international oil traders $6.8 billion and clarified its tax remittances, emphasizing its commitment to transparency, accountability, and performance excellence.
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