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NLNG raises govt revenue by $26bn in five years

By on September 7, 2016

The Nigeria LNG Limited says it has contributed more than $26bn to government revenue in the last five years.

The Managing Director of the company, Mr. Tony Attah, disclosed this in Abuja when he met with the Minister of Information and Culture, Alhaji Lai Mohammed.

He also sought the intervention of the executive arm to prevail on the National Assembly not to interfere with the NLNG Act 2004.

Attah said over $20bn had been paid to the Nigerian National Petroleum Corporation, which owns 49 per cent shares in the company while $6bn had been paid to the government in taxes.

Seeking the intervention of the executive arm of government in stopping a legislation to repeal the NLNG Act of 2004, Attah said repealing the law would deny Nigeria over $20bn in new investments.

He said, “I can confirm quite clearly that we have not only contributed more than $20bn to Nigeria in the last five years in the NNPC revenue but also over $6bn in tax. So, we do well for the country and we want to continue to do very well.

“Today, we are growing liquefied petroleum gas, on behalf of the country. We look to scale up the LPG support to the nation to reduce the demand for kerosene, and more importantly to open up the market and create more employment opportunities for Nigerians.

“We want to support this administration positively but we also have a couple of requests from the administration. We have a few issues, particularly with our legislators, who are looking at the Act, which is really the pillar of the foundation of the NLNG as a company and as an entity.”

Continuing, he said, “As we speak, there is a proposal in the House of Representatives to repeal the Act, which unfortunately will not do well, first of all for the company but more importantly, it will not do well for Nigeria.

 

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