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Shell Nigeria taxes, royalties remittance record $27m decline in 2023

Corporate taxes and royalties’ remitted by Shell Nigeria declined by $27m in 2023, according to figures announced by the company in its published 2023 Briefing Notes seen by the media yesterday.

The company in the published 2023 Briefing Notes revealed it paid $1.09 billion in corporate taxes and royalties to the Federal Government of Nigeria.

Shell Petroleum Development Company of Nigeria Limited paid $422m while Shell Nigeria Exploration and Production Company of Nigeria Limited paid $649 million totalling $1.09bn.

This figure is however lesser by $27m when compared to the $1.36 billion remitted in 2022.

“Shell Companies in Nigeria (SCiN) contribute to the economic growth in Nigeria by generating revenue for the government through taxes, creating employment opportunities and contributing to the development of local businesses.

“$1.09 billion in corporate taxes and royalties paid to the Federal Government of Nigeria (SPDC $442 million and SNEPCo $649 million), compared with $1.36 billion in 2022” the company disclosed in the Briefing Notes.

According to SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, 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”.

Okunbor also disclosed that the company is collaborating with relevant stakeholders to tackle the menace of oil theft.

“We have worked in close collaboration with key stakeholders, including the Nigerian government and our partner Nigerian National Petroleum Company Limited (NNPCL), to reduce crude oil theft across our production and transmission infrastructure in the Niger Delta. SPDC also has anti-theft protection mechanisms for key infrastructure such as wellheads and manifolds.

The programme to protect wellheads with steel cages continues to help deter theft. Other pipeline technologies have been introduced including specialised intelligent pigging and pipeline pressure monitoring.

These have deterred illegal activities, prevented crude oil losses across the network and enabled an improvement in crude delivery through our joint venture pipelines to export terminals” he said. (Source: ripplesnigeria)

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