Shell Petroleum Development Company of Nigeria Limited paid to the Federal Government a total of $48bn (N9.46tn) in royalties and taxes from 2010 to 2014, Royal Dutch Shell Plc, the parent company of the SPDC, has said.
The oil major, in its ‘Sustainability Report 2014’ released on Friday, said its share of royalties and taxes paid to the government in 2014 was $3bn (SPDC, $1.8bn and Shell Nigeria Exploration and Production Company, $1.2bn).
According to the report, 95 per cent share of revenue after cost goes to the Nigerian government from each barrel of oil that the SPDC produces.
Shell said 90 per cent of its total number of contracts were awarded to local companies, adding that $1.5bn was spent by the SPDC and SNEPCo on local contracting and procurement last year.
Source: Punch
