Shell paid Nigeria N2.27trn in 2018, highest in the world - Report

Shell paid Nigeria N2.27trn in 2018, highest in the world - Report

- The Nigerian government received N2.27 trillion from Royal Dutch Shell in 2018

- The money was paid by the oil producing giant in Africa as as entitlement, taxes, royalties and fees arising from the company’s activities in the country

- In a new report, Shell said the amount paid in 2018 is $2 billion higher that what it paid to the Nigerian government in 2017

In the year 2018, Nigeria’s largest foreign investor and oil production company, the Royal Dutch Shell paid the Nigerian government $6,397,325,844 as entitlement, taxes, royalties and fees arising from the company’s activities in the country.

Shell in its annual sustainability report which was published on Tuesday, April 2, said $3,776,418,858 was paid as production entitlement, $976,593,706 as fees, and $ 358,161,091 as royalties and $1,286,152,191 as taxes to Nigeria.

The report showed that in 2018, Shell paid an amount $2 billion higher that what it paid to the Nigerian government in 2017.

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While the Federal Inland Revenue Service (FIRS) received $1.28 billion as taxes also on behalf of the federal government, the largest payment of $3,776,418,858 was made to the Nigerian National Petroleum Corporation (NNPC).

The report also shows that the payment to NNPC is the government's share of the oil production from projects operated by Shell.

Also, while the Department of Petroleum Resources (DPR)was paid $358,161,09 as royalties and $895,062,325 as fees, the Niger Delta Development Commission (NDDC) received $81,531,381.

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Meanwhile, Legit.ng previously reported that despite drops in oil production in Nigeria, the country’s Gross Domestic Product (GDP) reportedly recorded a positive growth of 1.93% in 2018 as data made available by the National Bureau of Statistics (NBS) have shown.

It was learnt that the data released on Tuesday, February 12, showed that the fourth quarter GDP grew by 2.38% as against the 1.81 percent recorded in the third quarter.

According to the report, the figure confirms 1.6% points less than the 3.0 percent that was projected by the federal government in the 2019-2021 medium-term expenditure framework and fiscal strategy paper (MTEF).

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Source: Legit.ng

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