The Nigerian National Petroleum Company Limited, NNPCL has been speaking on development in the Nation’s Oil Industry.
Olufemi Soneye, Chief Corporate Communications Officer of NNPC Limited, clarified in a Statement that the Company was not owing International Oil Traders $6.8bn, as some Media Reports have claimed.
Soneye explained that in the Oil Trading Business, Transactions were often carried out on credit, and it is common to owe at times.
He emphasised that NNPC Limited had been fulfilling its Obligations, paying Invoices on a First-in-First-out (FIFO) Basis.
He also refuted claims that NNPC Limited had not remitted any money to the Federation Account since January, stating that the Company and its Subsidiaries regularly remit Taxes to the Federal Inland Revenue Service (FIRS).
“NNPC Limited is the largest Contributor to the Tax Revenue shared monthly at the Federation Account Allocation Committee (FAAC),” Soneye said.
He further clarified that NNPC Limited had no Role in the fiscalisation of the quality and quantity of Imported Petroleum Products, which is the responsibility of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Soneye reiterated that NNPC Limited welcomes Media Inquiries about its Operations before Public dissemination, in line with its commitment to Transparency, Accountability, and Performance Excellence (TAPE) under the Leadership of Mele Kyari since 2019.
Credit NAN: Texts excluding Headlines
