The Nigerian National Petroleum Company Ltd (NNPCL) has said that it paid a total of N1.17 trillion as taxes and royalties to the federal government in 2023.
This is according to the company’s financial statement for the full year 2023 published on its website.
The state-owned oil corporation, in its cash flow report, said the N1.17 trillion was N497.26 billion income tax and royalties amounting to N669.09 billion.
The tax figure for 2023 indicates that the corporation incurred a higher tax bill in 2023, compared to 2022, when it received a tax credit of N717.07 billion.
Also in 2023, the NNPCL paid N497.2 billion as income tax, a significant increase of 385 per cent from N102.5 billion in 2022, while cash royalties amounted to N669 billion, an increase of 774.5 per cent from N76.5 billion the previous year.
Additionally, dividends paid to its sole shareholder, the Federal Government, amounted to N546.6 billion, compared to none in the previous year.
The NNPCL financial statement further showed that petroleum Profit tax for the year under review was N1.22 trillion from N613.16 billion in the preceding year.
The company said it incurred an education tax of N153.94 billion in 2023, an increase of 377 per cent from the N32.26 billion recorded in 2022.
However, police trust fund payments declined to N349 million from N13.18 billion in 2022.
