The Board of Directors and Management of Nigeria LNG Limited (NLNG) recently made a courtesy visit to the President of the Federal Republic of Nigeria, His Excellency, President Bola Ahmed Tinubu, at the Presidential Villa in Abuja.
During the visit, HRM King Edmund Daukoru, CON, Chairman of the NLNG Board, expressed deep gratitude to President Tinubu for his steadfast support in enhancing Nigeria’s prominence in the global energy sector.
He acknowledged NLNG’s pivotal role in the country’s economy and highlighted the importance of government assistance in addressing current challenges faced by the company.
Dr. Philip Mshelbila, the MD/CEO of Nigeria LNG Limited, emphasized the significant contributions NLNG has made to the government’s revenue through dividends and taxes since its establishment.
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He noted that the Federal Inland Revenue Service (FIRS) recognized NLNG as the largest tax-paying company in 2022.
Mshelbila underscored the positive impact of NLNG’s Domestic LPG (DLPG) Scheme, which ensures the supply, availability, and affordability of LPG (liquefied petroleum gas) in the domestic market.
He highlighted that 100% of the LPG volumes produced by NLNG are dedicated to the domestic market, meeting about 40% of Nigeria’s domestic LPG demand.
However, challenges such as pipeline vandalization have impacted NLNG’s production and revenue.
Furthermore, Mshelbila addressed concerns about multiple taxation from various government agencies and the yearly amendments to the Finance Act.
These issues, he explained, disrupt corporate planning and hinder investor confidence and opportunities in the sector.
President Tinubu expressed gratitude for NLNG’s visit and praised the company for its unwavering commitment to excellence and significant contributions to Nigeria’s GDP.
He acknowledged NLNG’s crucial role in the nation’s economy and highlighted the importance of the Gas Sector as not only a transitional fuel but also the fuel for the future.
He assured the NLNG Board of his administration’s prioritization of the Gas Sector, promising swift action to remove obstacles hindering progress and development in the industrial sector.
President Tinubu emphasized the need for stakeholder engagement and collaboration to ensure the growth of the oil and gas industry.
He stressed the importance of building trust and confidence with all stakeholders, including host communities, to drive economic prosperity and sustainable development.
He urged the NLNG Board and Management to continue working closely with the government to address challenges efficiently and expediently, reaffirming his administration’s commitment to fostering a thriving business environment.