A report on the payment of royalties by operators in the oil and gas industry submitted by the Nigerian Upstream Petroleum Regulatory Commission shows that the Nigerian National Petroleum Company Ltd. has settled $1,653,352,228.14 royalties including all outstanding royalties due to the federal government as of 2021.
The payments were related to outstanding royalties of $29.6m as contained in the Auditor General’s report for 2021.
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