NNPCL DENIES OWING INTERNATIONAL TRADERS, ASSURES OF RESTORING NORMALCY IN PMS SUPPLY CHAIN 18-08-24
By Sadiq Aminu NNPCL denies Owing International Traders, Assures of restoring normalcy in PMS supply chain.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has denied a media report that the company is indebted to international oil traders to the tune of $6.8bn (six point eight billion dollars) and that it has not remitted revenues to the Federation Account since January, among other allegations.
In a statement, Chief Corporate Communications Officer, NNPC Olufemi Soneye explains that although In the oil trading business, transactions are carried out on credit, and so normal to owe at one point or the other the company through its subsidiary, NNPC Trading, has many open trade credit lines from several traders.
The statements says the Company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis.
On the remittance to the federation account, Soneye emphasized that 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).”
While speaking on the issue of quality and quantity fiscalization of imported petroleum products, Soneye insisted that NNPC Ltd. has no role whatsoever as it is not a regulator attributing that to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues.
In the meantime, The NNPC Ltd has expressed regrets over the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.