NNPC Emerges Highest Tax Payer In 2021

The Nigerian National Petroleum Corporation (NNPC) has emerged the nation’s highest taxpayer in 2021, according to the latest list of taxpayers released by the Federal Inland Revenue Service (FIRS).

According to the FIRS, MTN Communication, Mobil Producing Limited and other companies in the oil and gas sector also topped the 2021 list of taxpayers.

The Executive Chairman of the FIRS, Mr. Muhammad Nami, disclosed this in Abuja.

According to Muhammed, NNPC topped the list, becoming the nation’s highest taxpayer in 2021 as was done the previous year. He revealed that the FIRS collected a total of N6.405 trillion in tax revenue, above its N6 trillion projection.

“The Service surpassed its tax collection target in 2021, and in doing so, crossed the N6trillion threshold for the first time,” the Chairman said.

He noted that the feat recorded by the Service was made possible by the uncommon leadership of President Muhammadu Buhari, the supervisory Ministry, the backing of the National Assembly and its leadership, as well as the cooperation of all other stakeholders in the tax area.

He added: “To everyone who contributed to FIRS’ success in 2021, we say thank you.

“Of particular importance is the contribution of our much-esteemed taxpayers; they defied the very harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment, compliance, and support.

“The combined efforts of all taxpayers made it possible for the Service to achieve the tax revenue collection of 2021 which provided our governments with necessary funds to meet their social contracts with the citizens”.

Other companies involved in the top list include Shell Petroleum Development Company Limited, Chevron Nigeria Limited, Total E & P Nigeria Limited, Airtel Networks Limited, Nigeria Petroleum Development Company Limited, and Nestle Nigeria Plc.

Nigeria Breweries Plc, Total Upstream Nigeria Ltd, Dangote Cement Indorama Eleme Petrochemicals Ltd, NIG Agip Oil Co. Ltd, British American Tobacco Marketing, Guaranty Trust Bank Plc, Stanbic IBC Bank Plc, and Lafarge Africa Plc were among the remaining companies.

In other news, Investors King reported that the NNPC restated a promise to ensure a free flow of petrol – this would be made possible as Nigeria has a store of 1.6 billion litres of fuel.