The Nigerian National Petroleum Company Limited (NNPCL) has dismissed allegations that it has failed to remit funds to the federation account since January 2024. In a statement issued on Sunday, Olufemi Soneye, NNPCL's Chief Corporate Communications Officer, clarified that the company and its subsidiaries have consistently paid their taxes to the Federal Inland Revenue Service (FIRS).
Soneye emphasized that NNPCL remains the largest contributor to the funds distributed to federal, state, and local governments from the federation account each month. He noted that this is in addition to payments made under the Road Investment Tax Credit Scheme, which funds road contractors through Corporate Income Tax (CIT) contributions.
"Contrary to these unfounded assertions, NNPCL is the largest contributor to the tax revenue shared monthly at the Federation Account Allocation Committee (FAAC)," Soneye stated.
Addressing concerns about the fiscalization of imported petroleum products, Soneye explained that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) oversees such matters independently and does not report to NNPCL.
"NNPCL welcomes media inquiries about its operations and will always provide accurate information to ensure transparency. This commitment aligns with the company's Transparency, Accountability, and Performance Excellence (TAPE) philosophy, implemented under the leadership of Mele Kyari since 2019," Soneye added.
Additionally, NNPCL denied reports claiming it owes international oil traders $6.8 billion. While acknowledging that owing at some point is common in the oil trading business, Soneye clarified that transactions are conducted on credit and that NNPCL, through its subsidiary NNPC Trading, maintains multiple open trade credit lines with various traders. The company adheres to a first-in-first-out (FIFO) payment system for settling its obligations.
"NNPC Ltd. is committed to fulfilling its financial responsibilities and continues to manage its trade relationships effectively," Soneye concluded.
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