We Are Not Owing International Oil Traders – NNPC Ltd Says

The Nigerian National Petroleum Company Limited has declared that it is not in any way indebted to international oil traders to the tune of $6.8bn,

This was as it debunked insinuations in certain quarters that it has not remitted revenues to the Federation Account since January, 2024.

The NNPC which stated these in a statement while responding to allegations in some media that it was owing the sum of $6.8Bln, pointedly said that it is not owing the sum of $6.8bn to any international trader(s).

The statement which was signed by Mr Olufemi Sonoye, Chief Corporate Communications Officer of the NNPC Ltd, explained that in the oil trading business, transactions are carried out on credit, thus, normal to owe at one point or the other.

Commenting on the quality/quantity fiscalization of imported petroleum products, Sonoye said that the NNPC Ltd. has no role whatsoever as it is not a regulator, adding that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd.

According to Soneye; “But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders.

“The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis.

“It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly.

“This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme.

“In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC).

“That NNPC Ltd. is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company will, always, gladly take the opportunities to state the facts of the subject matter(s).

“This is in line with the company’s commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019,” Sonoye said.