The Nigerian National Petroleum Company Limited, (NNPCL) has dismissed reports alleging it owes $6.8 billion to international oil traders and has not contributed to the federation account since January.
Chief Corporate Communications Officer, Olufemi Soneye addressed these claims in a statement released on Sunday.
Soneye acknowledged that while it is typical for oil companies to incur temporary debts due to credit-based transactions, NNPCL’s subsidiary, NNPC Trading, manages multiple trade credit lines responsibly. “The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis,” Soneye stated.
Refuting the claim that no remittances have been made to the Federation Account, Soneye emphasised, “NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly.”
He also highlighted that NNPCL is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions and payments to road contractors under the Road Investment Tax Credit Scheme.
Regarding the quality and quantity fiscalisation of imported petroleum products, Soneye clarified that NNPCL does not oversee this process, as it falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Soneye reiterated NNPCL’s commitment to transparency and accountability, stating, “NNPC Ltd. is not averse to media inquiries and is committed to providing accurate information as part of our Transparency, Accountability, and Performance Excellence (TAPE) philosophy established by Mele Kyari’s management since 2019.”
