As Nigeria continues to clamp down on tax defaulters, it has ordered some foreign oil and gas companies to pay nearly $20 billion in taxes owed to states, industries and government.
A letter sent to the companies earlier this year via a debt-collection arm of the government, Nigerian National Petroleum Corporation (NNPC), cited what it called outstanding royalties and taxes for oil and gas production.
Specifically, Royal Dutch Shell, Chevron, Exxon Mobil, Eni, Total and Equinor were each asked to pay the federal government between $2.5 billion and $5 billion, said the sources.

Norway’s Equinor, which produced around 45,000 barrels per day (bpd) of oil in Nigeria in 2017, confirmed the request. “Several operators have received similar claims in a case between the authorities in Nigeria and local authorities in parts of the country,” an Equinor spokesman said. Exxon “is currently reviewing the matter”, a spokeswoman for the U.S. company said.

Shell, Total, Eni and Chevron declined to comment, as did the Presidency, petroleum ministry and NNPC. The charge came after the federal government and states settled a dispute over the distribution of revenue from hydrocarbon production. The sides agreed last year that Abuja would pay the states several billion dollars, three company and government sources said. The companies were expected to dispute their respective payment claims. “Equinor sees no merit to the case,” the company spokesman said.

A source at another company said: “This looks like an internal dispute between the federal and local governments. The central government is simply trying to shift to the IOCs (international oil companies) money it owes.”

The tax demand adds a fresh challenge to energy companies investing in Nigeria, which have been negotiating production-sharing agreements with the government to develop and operate giant offshore fields.

Nigeria uses several types of contract with energy companies including the establishment of joint ventures and production sharing, the two most common partnerships for international oil companies in the country. The companies pay the government in the form of royalties and tax as well as providing the state with oil and gas.

SOURCE: https://www.trendingaccounting.com/2019/02/fg-hits-foreign-oil-firms-with-20bn.html

.. If you know what is good for you, vote out the dullard.. We have just few hours to conclude..

Like for Atiku, share for Buhari

As Nigeria continues to clamp down on tax defaulters, it has ordered some foreign oil and gas companies to pay nearly $20 billion in taxes owed to states, industries and government.

Just imagine what $20 BILLION dollars will do in our country's economy. (and this is still even less than the amount Diezani Allison Madueke looted and ran away from the country when Buhari became President)
Just imagine the infrastructures it will bring.
For the first time in this nation, we have a President that we can trust not to mismanaged or loot out national treasury.
We will vote for President Buhari over and over, again and again, because he can be trusted.
You can trust him with the resources of the country.
He won't filch them.
You can trust him with power. He won't misuse it.
You can trust him with the well being of the land, he cares
The thief of a party (PDP) will never announce this to the nation, but will rather share it among themselves.
It was under PMB's administration that some people know that they have been returning Abacha's loot for years to PDP that we never heard about,
but we got to know that under Buhari's government,
When we saw ( not the willfully blind people tho) all the good projects he is doing all over the country with the returned loot,
but PDP and its corrupt politicians silently and codedly shared it among themselves with no one knowing when and how!!

GOD BLESS OUR PRESIDENT MUHAMMADU BUHARI., as in...GOD WILL BLESS HIM SO MUCH ALL THE REMAINING YEARS OF HIS LIFE.

A MAN AFTER OUR HEART.
PURE AND TRUE LOVE is what we have for our Darling Daddy

ok

H

Indigenous companies on hearing this news be like...

wetin we gain

Bubu chasing America shadows for placing their bets on Atiku

ok

Why do these big companies like to owe

APC, if you like start now to give us free food or start now to do the job you were supposed to do since 4years, we won't vote you. Is it now that you know you would do that?

After being paid, still laundered to foreign countries. Useless rulers

:

Oya pay.

May 2019 is close by.

Buhari.. We are talking about introducing Tax relief so that more companies can come, you are over taxing the already taxed companies.

Thank you Baba Buhari. You have my vote tomorrow

oblaak:
.. If you know what is good for you, vote out the dullard.. We have just few hours to conclude..

Like for Atiku, share for Buhari

So, it's good for tax defaulters to keep milking our economy
PDP Never again!

Jummyju:
After being paid, still laundered to foreign countries. Useless rulers

Unfortunately that's were we've found ourselves. We keep hearing huge sums but no reflection on the society

oblaak:
.. If you know what is good for you, vote out the dullard.. We have just few hours to conclude..

Like for Atiku, share for Buhari

How does the above post have anything to do with whatever /whoever 'Dullard' you are referring to?
Look, like I stated earlier, both APC and PDP supporters want the same thing ~ Good governance, but they have their separate views on how it can be achieved. This is understandable. But posting this rubish on a progressive information like this shows we are all far from getting it right.

i

These investors cannot always intimidate us because they think they can withdraw their investment and shake our economy. They should pay up. I know this will scare investors away by this bold step, but the right thing should be done.


They don't do in their countries what they do in Nigeria.

[s]

post=75985678:

Just imagine what $20 BILLION dollars will do in our country's economy.
Just imagine the infrastructures it will bring.
For the first time in this nation, we have a President that we can trust not to mismanaged or loot out national treasure.
The thief of a party call PDP will never announce this to the nation, but will rather share it among themselves.
Iy was under PMB's administration that some people know that they have been returning Abacha's loot for years, but we got to know that under Buhari's government, when we see the good thing he is doing all over the country with the returned loot, but PDP and his corrupt politicians silently and codedly shared it among themselves with no one knowing when and how.

GOD BLESS OUR PRESIDENT MUHAMMADU BUHARI.

[/s]

What will it do? Nothing! Because it will be looted by APC and their friends

Atiku is your next president deal with it or commit suicide

Same FG/NNpC that is owing cashcall to these IOCs . Abeg siba puo

Nigeria is getting sane

We will get there