A further breakdown shows that Shell paid $3,197,530,557 to the Nigerian National Petroleum Corporation (NNPC), $79,675,241 to Niger Delta Development Commission (NDDC), $280,010,396 to Department Of Petroleum Resources (DPR) and $765,526,389 to the Federal Inland Revenue Service (FIRS).
The total payments made to 29 governments come to $22,408,521,077, 20 percent of which came to Nigeria.
This could also mean Shell makes a fifth of its global income from Nigeria.
The publication, tagged “Report on Payments to Governments for The Year 2017”, provides a consolidated overview of the payments to governments made by Royal Dutch Shell plc and its subsidiary undertakings as required under the UK laws.
WHAT THE PAYMENT SUBHEADS MEAN
In the document, Shell defined the terms it used in reporting the payments.
“Production entitlements” are the host government’s share of production derived from projects operated by Shell.
In certain contractual arrangement, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery).
“Taxes” are taxes paid by Shell on its income, profits or production (which include resource severance tax, and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds.
“Royalties” are payments for the rights to extract oil and gas resources, typically at set percentage of revenue less any deductions that may be taken.
“Fees” are licence fees, rental fees, entry fees and other considerations for licenses and/or concessions.
The Cable
Add 0802 739 7554 To Receive SKYTREND NEWS Alerts On WhatsApp;
For Adverts Enquiries, Whatsapp 0802 739 7554,
Send Articles & News Stories To editor@skytrendnews.com.
READ ALSO! 14-Year-Old Pregnant Housemaid Dislodges Her Childless Madam, Says I Can’t Share Husband With You
READ ALSO! SHOCKING, ALARMING: Nigerian FRSC Official Engages Woman In Serious Physical Combat (VIDEO)
READ ALSO! How I Stopped Obasanjo From Becoming Nigerian Version Of Mugabe — Atiku
READ ALSO! I’m Happy Leaving My Husband, Nine Children For New Lover — Housewife After 23 Years Of Marriage
READ ALSO! The Smart CEO: Top 5 Websites To Get Cheap Domain Name Registration
READ ALSO! First Bank’s Appalling Customer Service And Utter Disregard For Its Customers
READ ALSO! Between GoDaddy And Namecheap: Making The Best Choice For Domain Name Registrar
READ ALSO! Nigerian Filmmaker, Zuriel Oduwole Makes Forbes List Of 100 Most Influential African Women
READ ALSO! Woman Marries Her Son After Getting Pregnant For Him
]]>