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HomeTop NewsNigeria earns $18 bln dividends from NLNG, $9 bln in taxes ~President...

Nigeria earns $18 bln dividends from NLNG, $9 bln in taxes ~President Buhari

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By Samuel Bankole

Nigeria has earned a total of $18 billion as dividends from its investment in the Nigeria Liquified Natural Gas (NLNG) company since its inception, President Mohammadu Buhari said on Tuesday.

The president said the company has also generated $114 billion in revenue and paid $9 billion in taxes to the government.

President Buhari spoke at the virtually Ground Breaking Ceremony of the Nigerian Liquified Natural Gas (NLNG) Train 7 Project in State House.

”NLNG has generated $114 billion in revenues over the years, paid $9 billion in taxes; $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase,” Buhari said.

He said the NLNG as the pioneer LNG company in Nigeria, has conscientiously proven the viability of the gas sector over the years, currently contributing about one percent to Nigeria’s GDP.

These are commendable accomplishments by the company’s 100 percent Nigerian Management Team.

READ ALSO: Nigeria upbeat on gas production expansion as Buhari flag off NLNG train 7 project

“With this level of performance, I can only hope that the company continues to grow starting with this Train 7 project but also positioning Nigeria to thrive through the energy transition,'” he said.

Speaking on the occasion, the Chief Executive Officer of the company, Anthony Attah said Train 7 will increase NLNG’s overall capacity to 30 million tonnes per annum (mtpa) from the current 22 million mtpa, while further adding immense value to the nation and the people.
Attah noted that the project would stimulate inflow of about $10 billion FDI into Nigeria, create 12,000 direct jobs in Bonny Island and additional 40,000 indirect construction jobs.
He said the project would also further the development of local capacity and businesses through the 100 percent in-country execution of construction works, fabrications and major procurement.

‘‘Nigeria has ridden on the back of oil for over 50 years, but with this Train 7 project Nigeria is now set and I believe it is now time to fly on the wings of gas,’’ he said.

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