Update: Shell paid Nigerian Government N1.7trillion in taxes, royalties, fees in 2019
International oil major, Shell paid the Federal Government over $5.6billion dollars which at the exchange rate of N307/$1 comes to N1.7trillion, the company has disclosed in its sustainability report for 2019.
This amount, which represents about 20% of the 2019 budget, comprises payments for fees, royalties, production entitlements and taxes.
According to the disclosure, the Niger Delta Development Commission received $136.6million as fees and the Nigerian National Petroleum Corporation (NNPC) received $3.9billion as production entitlement.
The oil company also paid $1.062billion as taxes to the Federal Inland Revenue Service and $446.3million as royalties to the Department of Petroleum Resources (DPR) the upstream oil and gas regulator.
It further paid the DPR another $239,175 as fees.