The lingering fuel scarcity pinned on narratives that the Nigerian National Petroleum Company Limited, NNPCL, is owing international oil traders $6.8bn has provoked reaction from the company….READ FULL ARTICLE...READ THE FULL ARTICLE HERE ▶▶
The report had said the prevailing disruption in the availability of fuel, which rendered the product scarce is allegedly due to NNPCL’s said debt that made international traders to withhold supply.
In a denial of the report, the the state-owned energy firm by a statement its Chief Corporate Communications Officer, Olufemi Soneye, issued said, “NNPC Ltd does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, so it is normal to owe at one point or the other.
“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 basis.”
It also faulted claim that the company has not remitted funds into the federation account since January, saying, “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 regularly.
“This is in addition to payments of CIT (company income tax) 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.”…READ FULL ARTICLE
