Shell pays $29b to Fed Govt

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Shell logo

The Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture (JV) contributed $29 billion to Federal Government’s coffer between 2012 and 2016, the Country Chair, Shell Companies in Nigeria (SCiN) and Managing Director of SPDC, Osagie Okunbor, has said .

He spoke during the presentation of 2017 Shell in Nigeria briefing notes in Lagos yesterday. The briefing notes highlight the firm’s operations scorecard. According to him, Shell remains committed to the development of Nigeria. The SPDC operated JV alone contributed $29 billion to the Nigerian purse between 2012 and 2016. Also last year, the royalties and corporate taxes paid by SCiN to the Federal Government came to $1.4 billion (SPDC $1.0 billion and Shell Nigeria Exploration and Production Company (SNEPCo) $0.4 billion).

He said: “Shell has been operating in Nigeria for more than 50 years. And it is not by chance that we have remained deeply committed to the development of Nigeria, her people and her economy by efficiently and responsibly producing oil and gas in onshore and offshore as well as distributing gas to industries and producing liquefied natural gas for export.

“The determination of Shell to support the monetisation of the nation’s huge gas resources led it to establish Shell Nigeria Gas in 1998, which now supplies gas to about 90 industrial customers in Ogun, Rivers and Abia states. The gas is used for power generation and processing by industries for the manufacture of domestic products ranging from household consumables, to household utensils and hardware.

Source: The Nation

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