The Nigerian National Petroleum Corporation's refusal to make separate payments for royalty and petroleum profit tax (PPT) on joint venture assets held on behalf of the federal government violates several petroleum industry regulations and laws, the Department of Petroleum Resources (DPR) has said.
The petroleum industry regulator said opting to remit lump sums into the federation account and not separate royalty and PPT from other revenues makes it difficult for the government to determine whether it was making profit or not with its investments. It also makes it difficult to know if the NNPC is actually paying royalty and PPT.
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