NNPC Refutes $6.8bn Worldwide Oil Debt Allegation

NNPC Refutes $6.8bn Worldwide Oil Debt Allegation

The Nigerian Nationwide Petroleum Firm (NNPC) Restricted says it doesn’t owe worldwide oil merchants $6.8 billion.

Reviews had mentioned the corporate is indebted to worldwide oil merchants to the tune of $6.8 billon and that it has not remitted revenues to the federation account since January.

Femi Soneye, NNPC’s spokesperson, in a press release on Sunday, mentioned that is false.

“That NNPC Ltd. doesn’t owe the sum of $6.8bn to any worldwide dealer(s). Within the oil buying and selling enterprise, transactions are carried out on credit score, and so it’s regular to owe at one level or the opposite,” he mentioned.

“However NNPC Ltd., via its subsidiary, NNPC Buying and selling, has many open commerce credit score strains from a number of merchants. The corporate is paying its obligations of associated invoices on a first-in-first-out (FIFO) foundation.

“It isn’t appropriate to say that NNPC Ltd. has not remitted any cash to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Income Service (FIRS) often.

“That is along with funds of CIT to highway contractors underneath the Street Funding Tax Credit score Scheme.”

Typically, Soneye mentioned NNPC is the “largest contributor” to the tax income shared each month on the Federation Account Allocation Committee (FAAC).

The NNPC spokesperson mentioned the corporate has no involvement in any respect within the high quality/amount fiscalisation of imported petroleum merchandise as a result of it isn’t a regulator.

“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the related regulatory company in control of such points, is an impartial physique and doesn’t report back to the NNPC Ltd,” he mentioned.

“That NNPC Ltd. isn’t averse to inquiries by the media into points on and round its operations earlier than dissemination to the general public both via the print or digital channels of communication as the corporate will, at all times, gladly take the alternatives to state the info of the subject material(s).”

NNPC mentioned that is in keeping with the corporate’s dedication to the transparency, accountability, and efficiency excellence (TAPE) philosophy, which has been ingrained within the administration since Mele Kyari took over in 2019.