Nigerian National Petroleum Company Limited (NNPCL) denies owing $6.8bn to international oil traders and non-remittance to the federation account.

Nigerian National Petroleum Company Limited (NNPCL) has denied owing $6.8bn to international oil traders and not remitting funds into the federation account since January. The company's spokesperson, Olufemi Soneye, clarified that NNPC is the largest contributor to the tax revenue shared monthly at the Federation Account Allocation Committee, and that transactions in the oil trading business are conducted on credit, with the company fulfilling its obligations on a first-in-first-out basis. NNPC has yet to respond to inquiries concerning ongoing fuel scarcity in many cities.

August 18, 2024
19 Articles

Further Reading