Shell’s Contribution: Over $1 Billion in Taxes to FG
Written by Jerry Alomatu on May 8, 2024
In a significant fiscal disclosure, Shell Nigeria has revealed that it disbursed a substantial sum of over $1.09 billion to the Nigerian government in corporate taxes and royalties during the fiscal year of 2023. This substantial contribution stems from the operational activities of both the Shell Petroleum Development Company of Nigeria Limited and the Shell Nigeria Exploration and Production Company of Nigeria Limited.
Breaking down the figures presented in the just-released 2023 Shell Briefing Notes, it’s unveiled that the Shell Petroleum Development Company (SPDC) accounted for $442 million, while the Shell Nigeria Exploration and Production Company (SNEPCo) remarkably remitted $649 million.
According to Abimbola Essien-Nelson, the Media Relations Manager of Shell, these figures reflect a notable shift from the previous year, where similar payments by the two entities in 2022 amounted to $1.36 billion. It’s noteworthy to highlight that these financial contributions are exclusive to Shell and do not encompass payments made by collaborative partners.
Osagie Okunbor, the Managing Director and Country Chair of Shell Companies in Nigeria, underscored the significance of Shell’s steadfast commitment to Nigeria’s economic prosperity. He emphasized that Shell’s longstanding presence of over 60 years in Nigeria symbolizes a continuous dedication to driving economic growth, fostering employment opportunities, and supporting the development of local enterprises.
Okunbor further emphasized that despite challenges, Shell remains firmly entrenched in Nigeria’s energy landscape, particularly through its deep-water and integrated gas businesses. The company’s commitment extends beyond financial transactions; it’s deeply rooted in promoting socio-economic advancement, collaborating with stakeholders, and providing sustainable and cleaner energy solutions.
The 2023 Shell Briefing Notes encapsulate the strides made by Shell Companies in Nigeria, including SPDC, SNEPCo, Shell Nigeria Gas, and Daystar Power. These reports serve as a testament to Shell’s unwavering commitment to propelling progress, fostering community engagement, and ensuring operational excellence.
In conclusion, Okunbor reiterated Shell’s steadfast presence in Nigeria’s energy sector and its unwavering focus on safety, operational excellence, and people-centric initiatives. This reaffirmation underscores Shell’s enduring partnership with Nigeria and its aspiration to continue playing a pivotal role in the nation’s socio-economic fabric.
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Author: Jerry Alomatu
Astute communicator
