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Government receives N11tr from SPDC JVs in four years. Gets N427bn in royalties, taxes in 2016.

May 18 2017
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Government receives N11tr from SPDC JVs in four years.  Gets N427bn in royalties, taxes in 2016. Guardian Online

The Federal Government has so far received about $29 billion (N11.7 trillion) from the Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture between 2012 and 2016, the oil company claimed.


Also in 2016, the Shell Companies in Nigeria paid $1.4 billion (N427 billion) in royalties and corporate taxes to the Federal Government. Payments disclosures are in line with the transparency drive of this administration to ensure that oil companies operating in the country declared their revenues as at when due.


More so, as there have been controversies surrounding government receipts and actual payments claimed to have been made by the extractive industry operators, which have created discrepancies in the yearly audit reports by the Nigerian Extractive Transparency Initiative (NEITI). Read more


Kachikwu: FG to Maintain N145 Pump Price of Petrol.  NNPC now sole importer as oil price rallies. Thisday Online

The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the pricing modulation model introduced in 2016 and remove the multi-layer charges on importation of petroleum products to maintain the pump price of petrol at the current N145 per litre.


This is coming as the Chief Operating Officer, Downstream at the Nigerian National Petroleum Corporation (NNPC), Mr. Henry Ikem-Obih has stated that the July 1, 2017 target for the importation of higher grades of petroleum products with lower sulphur content into the country, has been shifted to September 2017.


Kachikwu further stated that the federal government would also find a way to ensure that the modulation model allows Nigerians to enjoy a windfall when the price of crude oil goes down and limited exposure when the price goes up in the international market.  Read more

Last changed: May 18 2017 at 3:32 PM