Nigeria’s Oil Royalty, Taxes from Shell Fell by $3.7bn in 2020

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*Oil company allays fears of exit from Nigeria

Peter Uzoho

Nigeria suffered a drop of $3.7 billion in taxes and royalties from Shell Companies in the country as the oil major paid just $900 million in 2020, down from $4.6 billion it paid in 2019.

Shell also allayed fear of its purported exit from Nigeria, pledging that it would remain in the country for the long haul.
It also revealed that it was considering strengthening its offshore operations in the country.

The taxes and royalties’ figures were contained in the Shell Petroleum Development Company (SPDC) transactions and operations published by the oil major in its 2021 Briefing Notes officially presented to journalists in Lagos.

Presenting the briefing notes, Country Head, Corporate Relations and Director, SPDC, Mr. Igo Weli, said the company experienced reduction in its taxes and royalty payment into the Nigerian government’s coffers due majorly to the COVID-19 outbreak in 2020.

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