Home BUSINESS Shell remits $6.3b to Nigerian Government

Shell remits $6.3b to Nigerian Government

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Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) remitted $6.3 billion in 2018 to Nigerian government.

The money which represented tax and production entitlement for the 2018 fiscal year and was paid to the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR), and the Niger Delta Development Commission (NDDC).

The payments signified a 48 per cent increase from the 1.5 trillion naira the country earned in 2017, making it the second time in two years that Nigeria was grossing the largest revenues from the company.

The payment also formed part of Shell’s Sustainability report which was released by the Group Chief Executive Officer of the Royal Dutch Shell, Ben Van Beurden.

Beurden said: “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 Nigerian National Petroleum Corporation (NNPC) received the lion’s share with payments in kind valued at $3.776 billion.

FIRS received $1.286 billion in taxes, while the DPR received $1.253 billion from royalties and fees. The NDDC was paid fees totaling $81.5 million.

The Shell Sustainability Report outlines Shell’s approach to sustainability and covers its social, safety and environmental performance in 2018.

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