The Nigerian National Petroleum Company Limited has addressed claims circulating in the media of a supposed debt of $6.8 billion owed to international oil traders.
The company in a Statement categorically denies this allegation, stating that it does not owe such an amount to any international traders.
NNPCL clarified that credit transactions are standard practice in the oil trading business and It is common for outstanding balances to exist at different times.
However, NNPC Ltd., through its trading subsidiary, NNPC Trading, has numerous open trade credit lines with several traders.
The company is actively meeting its financial obligations by paying invoices on a first-in, first-out (FIFO) basis.
NNPC Ltd. insists that contrary to reports it has consistently remitted funds to the Federation Account, dismissing claims of non-remittance since January.
The company and its subsidiaries regularly fulfill their tax obligations to the Federal Inland Revenue Service (FIRS).
NNPCL also contributes to the Road Investment Tax Credit Scheme, further demonstrating its commitment to national development.
NNPCL plays a pivotal role as the largest contributor to tax revenue in the monthly revenue allocations shared at the Federation Account Allocation Committee (FAAC).
Addressing concerns about the quality and quantity fiscalisation of imported petroleum products, NNPCL clarified that it has no regulatory role in this process.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is the independent body responsible for overseeing these matters and does not report to NNPC Ltd.
The company says it encourages media inquiries into its operations, emphasising its commitment to transparency and accountability.
The company remains open to providing accurate information to the public through various media channels.
This commitment aligns with the Transparency, Accountability, and Performance Excellence (TAPE) initiative championed by Mele Kyari’s management since 2019.
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