President Bola Tinubu has commended Nigeria Liquefied Natural Gas Limited for its steadfast commitment to excellence and immense contributions to the Gross Domestic Product,GDP.
Tinubu,who said this while receiving the board of directors and management of Nigeria LNG Limited,at the Presidential Villa in Abuja, acknowledged the critical role the company plays in Nigeria’s economy.
He affirmed the importance of Gas not just as a transition fuel but also as the fuel for the future, assuring that the Gas Sector would get priority attention in this administration. He assured the Board that all encumbrances to the progress and development of Nigeria’s industrial citizens as well as any further impediment to the business practice in the oil and gas sector would be swiftly removed.
He emphasised that for the oil and gas industry to thrive, all stakeholders in the value chain, especially the host communities, need to be engaged and carried along to enable the government to build confidence and trust.
He urged the management of NLNG to continue to collaborate with the government to ensure that issues can be resolved quickly and efficiently while reiterating his administration’s commitment to ensuring that businesses thrive to generate economic prosperity and sustainable development.
During the visit, Chairman, NLNG Board, HRM King Edmund Daukoru, CON, expressed profound gratitude to President Tinubu for his unwavering support in bolstering Nigeria’s position in the global energy landscape. He acknowledged the crucial role NLNG has played in Nigeria’s economy, noting the need for government support in resolving some challenges the Company is presently facing.
Speaking at the visit, the MD/CEO of Nigeria LNG Limited, Dr. Philip Mshelbila, stated that since inception, NLNG has contributed enormous revenue to the government through dividends and taxes, noting that the FIRS declared the Company as the largest tax-paying Company in 2022.
Mshelbila also emphasised that NLNG’s Domestic LPG (DLPG) Scheme has guaranteed LPG supply, availability, and affordability and has also stimulated the development of different parts of the DLPG value chain in Nigeria, with 100% of produced LPG volumes from NLNG dedicated to the domestic market, supplying about 40% of Nigeria’s domestic LPG demand.
He emphasized that challenges around pipeline vandalisation have constrained NLNG’s production with consequent loss of revenue to the government.
Besides, multiple taxation from various government agencies and the Finance Act, which is being amended yearly, distorts corporate planning and puts business on the back foot, stifling investor confidence and investment opportunities in the sector