The Nigerian Petroleum Company Limited has withheld the sum of $262.6 million in taxes due to the Federal Inland Revenue.
This is according to a report from a Federation Allocation Account Committee Post-Mortem Sub-Committee (PMSC) meeting held in August 2024.
Accordingly, the deducted $262.6 million is as part of the Road Infrastructure Tax Credit Scheme (RITCS).
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The report noted that NNPCL made monthly deductions of $52.51 million from the amount due to FIRS for Joint Venture, JV Gas, and Company Income Tax, CIT, between February and June 2024.
It stated these deductions have been earmarked for the RITCS, a scheme designed to enable private companies to invest in critical road infrastructure and offset their tax liabilities.
“Members may recall that the Sub-Committee reported that NNPCL had made deductions in respect of the Road Infrastructure Tax Credit Scheme from the amount due to FIRS JV Gas and CIT taxes. So far, a calendarized sum of $52,509,484.28 was deducted each for the months of February to June 2024, totalling 262,547,421.40,” the report stated.
Recall that NNPCL had asked the Nigerian government to pay a N2.6 trillion foreign exchange differential claim for fuel importation between August 2023 and June 2024.
The development comes amid the controversy surrounding fuel subsidy payments, despite their removal in May last year.
Although the firm recently insisted that it is not paying fuel subsidies but rather taking care of fuel importation shortfalls between the company and the federation.
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