New Telegraph

Gas Sector Would Get Priority Attention – Tinubu

…NLNG mgt visits President

President Bola Tinubu has assured that the gas sector would get priority attention in his administration.

He affirmed the importance of gas, not just as a transition fuel, but also as the fuel for the future.

He spoke when the Board of Directors and Management of Nigeria LNG Limited paid him a courtesy visit, at the Presidential Villa in Abuja, according to a statement on Wednesday by General Manager, External Relations and Sustainable Development, NLNG Limited, Andy Odeh.

Tinubu 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 emphasized 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 Board and 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.

He also thanked NLNG for the visit and commended NLNG for its steadfast commitment to excellence and immense contributions to the nation’s Gross Domestic Product (GDP). He further acknowledged the critical role the company plays in Nigeria’s economy.

Chairman, NLNG Board, His Royal Highness, Edmund Daukoru, 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.

The Managing Director/Chief Executive Officer, (MD/CEO) of Nigeria LNG Limited, Dr. Philip Mshelbila, stated that since its inception, NLNG has contributed enormous revenue to the government through dividends and taxes.

He said the Federal Inland Revenue Service (FIRS) declared the company as the largest tax-paying Company in 2022.

Mshelbila also emphasized that NLNG’s Domestic LPG (DLPG) Scheme has guaranteed LPG supply, availability, and affordability.

He added that it 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.

According to him, challenges around pipeline vandalism have constrained NLNG’s production with consequent loss of revenue to the government.

He also said that multiple taxation from various government agencies and the Finance Act, which is being amended yearly, distorted corporate planning put business on the back foot, and stifled investors’ confidence and investment opportunities in the sector.

Read Previous

DSS: There’s Nexus Between Security Imperatives, SDGs

Read Next

Private Sector Critical To Addressing Money Laundering, Terrorism Financing In W’Africa – NEITI