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Nigerian govt rakes in $2.45bn taxes from Shell in two years

Nigerian govt rakes in $2.45bn taxes from Shell in two years

Nigerian government received $1.36 billion and $1.09 billion in corporate taxes and royalties from Shell Nigeria through its operations of the Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company of Nigeria Limited in 2022 and 2023.

The company disclosed this in its recently published 2023 Shell Briefing Notes, according to a statement by the firm’s Media Relations Manager, Abimbola Essien-Nelson.

The figure showed that the SPDC paid $442 million, while SNEPCo remitted $649 million in taxes in 2023 alone to the Nigerian government.

However, the figure showed a $27 billion tax remittance decline in 2023 when compared to 2022.

“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 noted that the firm was focused on Deepwater and Integrated Gas investment in Nigeria.

The development comes months after Shell Nigeria announced in January 2024 that it would exit onshore oil production in Nigeria.

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