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Saturday, May 11, 2024

Taxes, royalties: Shell Nigeria paid $1.09bn in 2023 - NaijaAgroNet

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The Federal Government of Nigeria (FGN) received in taxes and royalties the total sum of $1.09 billion, about N2,707,310,000,000.00 trillion, as at December 2023 through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo.) in the country, reports NaijaAgroNet.
Taxes, royalties: Shell Nigeria paid $1.09bn in 2023 - NaijaAgroNet
Sources close the Shell Nigeria, disclosed that the figures, recently published in the 2023 Shell Briefing Notes, showed that SPDC paid $442 million, while SNEPCo remitted $649 million.

Similar payments made by the two companies in 2022 amounted to $1.36 billion.

“These payments are Shell exclusive and do not include those made by our partners,” said SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor. 

He stressed “Shell Companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses.”

Shell has invested in Nigeria for more than 60 years. The Briefing Notes report on the progress of the businesses of Shell Companies in Nigeria – SPDC, SNEPCo, Shell Nigeria Gas and Daystar Power for 2023.

The reports show that the companies continued to power progress, working closely with stakeholders and communities to promote socio-economic development and providing cost-effective and cleaner energy solutions.

Mr. Okunbor emphasised that Shell is not leaving Nigeria and will remain a major partner of the country's energy sector through its deep-water and integrated gas businesses. 

"Our collective focus remains on delivery of safe operations and care for our people,” he asserted.

Chuks Egbune/Editor

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