NLNG remits over $100 billion to Federal Government

Abiodun Oba   |

The Nigerian Liquefied Natural Gas (NLNG) says had remitted more than 100 billion US dollars’ as revenue to the coffers of Federal Government and other equity holders in the company.

Mr Tony Attah, Managing Director of NLNG, stated this at the investigative hearing into the company’s activities held by the House of Representatives Committee on Gas Resources, in Abuja.

According to Attah, Federal Government through Nigerian National Petroleum Corporation (NNPC) which owned 49 per cent equity got more than $15 billion dividends.

The company has remitted more than $6.5 billion in taxes to Federal Inland Revenue Service (FIRS) since 2009.

According to him, since the NLNG became a tax-paying company its contributions are helping to build a better Nigeria even though it does more than financial contribution.

The company also plans to embark on $6 billion capacity development project for the Train 7, which had potential of creating 12,000 new jobs in the Niger Delta region.

“The big deal for us in Nigeria LNG is growing capacity. Currently we have six Trains with 22 million tonnes per annum capacity which is 7 per cent of global market share of LNG.

“We want to grow back to the 10 per cent which was what it was before. So we want to grow by about 35 per cent capacity before Australia.

“We want to grow by about 355 capacity, that will come via Train 7 project for which we have commenced the engineering design and we are looking forward to take a final investment decision not too long.’’

“As a result of Nigeria LNG being in existence, we have helped to reduce gas flaring by more than 65 per cent and will continue to work with our upstream suppliers to mop-up more.

“This is because we produce the opportunity as the biggest gas sink for whatever gas is provided in the country. We have the capacity to receive that gas but I think by far the biggest opportunity is in Nigeria’s brand and reputation.

“Before NLNG, Nigeria was actually No. 2 on the undesired league of gas flaring nations in the world.

“But today, we are No. 7 ahead of other countries such as United States, I mean, United States is flaring more than Nigeria,” Attah said.

According to him, the NLNG has also embarked on the construction of the $120 million Bonny-Bono road.

The road which will connect Bonny to Port Harcourt is slated for completion within 40 months.

“But today, we are No. 7 ahead of other countries such as United States, I mean, United States is flaring more than Nigeria,” Attah said.

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