Despite ongoing divestments from its onshore assets, oil giant Shell Plc made its highest national payment to Nigeria in 2024, remitting a total of $5.34 billion — a significant jump from the $3.8 billion paid in 2023. This figure, revealed in Shell’s latest Payments to Governments report, places Nigeria at the top of Shell’s global payment chart, ahead of Oman, Brazil, and Norway.
According to the breakdown, the Nigerian National Petroleum Company (NNPC) received the lion’s share of $3.8 billion, while other government agencies including the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Niger Delta Development Commission (NDDC) received the remaining funds. The payments form part of Shell’s $28.1 billion global disbursement to governments for the year under review.
The increased financial contribution to Nigeria comes as Shell recalibrates its operations, gradually divesting from its troubled onshore oil assets and focusing instead on deepwater developments. These strategic shifts are happening amid mounting public scrutiny and regulatory investigations into allegations of unremitted revenues and irregularities in its asset sales.
Industry observers believe the $5.34 billion payment underscores the critical role Nigeria still plays in Shell’s portfolio, even as the company repositions for a leaner, more offshore-centric future. However, the spotlight remains firmly on the transparency and accountability of how these payments are utilized by Nigerian institutions — especially at a time of heightened economic pressure and public demand for reform in the extractive sector.
Shell’s report may serve as both a benchmark for corporate disclosure and a call to action for Nigerian authorities to ensure that every dollar accounted for contributes meaningfully to national development.