•As president promises to address concerns
By Adewale Sanyaolu
The Nigeria LNG Limited yesterday told President Bola Tinubu, that multiple taxation from various government agencies and the Finance Act which being amended yearly, distorts corporate planning and puts businesses on backfoot while stifling investors’ confidence and business opportunities in the sector.
The company stated this when its Board of Directors and Management paid a courtesy visit to Tinubu at the Presidential Villa in Abuja.
Speaking at the visit, the MD/CEO of Nigeria LNG Limited, Dr. Philip Mshelbila, said that challenges around pipeline vandalism have constrained NLNG’s production culminating in revenue losses to the government.
He disclosed that since inception, NLNG has contributed enormous revenue to the Federal Government through dividends and taxes, noting that even 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 per cent of produced LPG volumes from NLNG dedicated to the domestic market, supplying about 40 per cent of Nigeria’s domestic LPG demand.
Chairman, NLNG Board, King Edmund Daukoru, expressed gratitude to President Tinubu for his 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’s support in resolving some challenges the company is presently facing.
President Tinubu, in his response, thanked NLNG for the visit and commended it for its commitment to excellence and contributions to the GDP, acknowledging the critical role it plays in Nigeria’s economy.
Tinubu 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. The president 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 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.