…..Also Rejects Claims of Non-Remittance of Taxes
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has categorically denied owing international oil traders a sum of $6.8bn. In a statement issued today, the company described the allegation as inaccurate.
While acknowledging the common practice of credit transactions in the oil trading industry, NNPC Ltd. clarified that it maintains multiple open trade credit lines with various traders. The company emphasized its commitment to fulfilling these obligations through a strict first-in-first-out (FIFO) payment plan.
Furthermore, the NNPC Ltd. dismissed claims of non-remittance of funds to the Federation Account since January. The company asserted its consistent tax remittances to the Federal Inland Revenue Service (FIRS) and significant contributions to the Road Investment Tax Credit Scheme. As the largest contributor to the Federation Account Allocation Committee (FAAC), the NNPC Ltd. reiterated its role in supporting national revenue generation.
Addressing the issue of petroleum product quality and quantity fiscalization, the NNPC Ltd. distanced itself from regulatory functions, assigning responsibility to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In conclusion, the NNPC Ltd. expressed openness to media inquiries and reaffirmed its dedication to transparency, accountability, and performance excellence, as outlined in its TAPE philosophy.
