NNPCL Debunks $6.8bn Debt Allegation, Clarifies Remittances to FG

The Nigerian National Petroleum Company Limited (NNPCL) has denied owing international oil traders $6.8 billion, stating that it has been remitting taxes to the Federal Inland Revenue Service (FIRS) regularly.

This clarification was made in response to reports that NNPCL owes international oil traders $6.8 billion arising from fuel importation and non-remittance to the Federation Account Allocation Committee.

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In a statement issued by the company’s spokesperson, Olufemi Soneye, NNPCL dismissed the allegations, stating that it does not owe the sum of $6.8 billion to any international trader.

Soneye explained that NNPCL, through its subsidiary, NNPC Trading, has many open trade credit lines from several traders and is paying its obligations on a first-in-first-out (FIFO) basis.