*Remits N68bn to NDDC in 19 years
By Teddy Nwanunobi
ExxonMobil has warned that Nigeria stands the risk of losing 90 per cent of its foreign exchange earnings, if crude oil fails in the future.
Speaking during an interaction organised, as part of the activities to mark the 2021 Correspondents Chapel week in Uyo, Akwa Ibom State on Tuesday, ExxonMobil’s Manager Media and Communications, Mr. Ogechukwu Udeagha, urged the Federal Government to make the best of the huge crude oil reserves to develop the country.
Udeagha pointed out that, as a resource, whose relevance has been subjected to debate, it has become necessary for Nigeria to make the most of crude now.
“Our crude oil reserves are in billions of barrels. So, we need to tap them, and use such revenue to add value to our economy”
Our crude oil reserves are in billions of barrels. So, we need to tap them, and use such revenue to add value to our economy
He declared that Nigeria still has billions of barrels of untapped crude reserves.
“Nigeria would lose over 90 per cent of its foreign exchange earnings, if crude oil fails. So, let’s make the most out of this resource, while we still have time. Our crude oil reserves are in billions of barrels. So, we need to tap them, and use such revenue to add value to our economy,” he said
Udeagha, who was flanked by the Manager, Public Affairs and Government Relations, Mr. Effiong Esumo, absolved ExxonMobil of the accusation that international oil companies (IOCs) were not making their 3 per cent contributions to the Niger Delta Development Commission (NDDC).
The American oil giant said that the recent statement by the Niger Delta Affairs Minister, Senator Godswill Akpabio, that IOCs were not making their contributions to the NDDC did not apply to them.
The Communications Manager told correspondents that the company has remitted the sum of N67.5 billion to the interventionist agency in the past 19 years.
He also said that the company has not shirked in its corporate social responsibility as shown in some of its social investments in its areas of operations.
The company assured the Akwa Ibom people of its commitment to fulfillment of its role as corporate citizens, as it has continued to remit between N6 billion to N7 billion annual Pay As You Earn (PAYE) tax to the Akwa Ibom State government.
“Seventy per cent of our staff live and work here in the state, and we remit to the state government, through PAYE, and, of course, the 13 per cent derivation. You can, therefore, realise the impact we are making on the state economy. We are closely linked with the state government, and it’s important that we work together,” he said.
He also spoke on the alleged sack of some employees and contract staff.
“We keep our contractor’s obligation and by law, we cannot sack contract staff because they are not our staff. They are not under our purview. We didn’t sack any contract staff or employees,” he added.
The theme for the 2021 Correspondents Chapel week is, ‘Post COVID-19: Economy and the Challenges to Ethical Journalism ahead of 2023 elections’.
Valuechain reports that ExxonMobil is the operator of the NNPC/MPN Joint Venture.