Finance

Buhari puts revenue generation from NLNG at $114bn

The President, Major General Muhammadu Buhari (retd.), on Monday, said the Nigeria Liquefied Petroleum Natural Gas company has generated $114bn revenues for the country.

He disclosed this at the Nigeria International Petroleum Summit 2021 Pre-Summit Conference and official inauguration of the Decade of Gas conference in Abuja, adding that the NLNG was contributing one per cent to the country’s Gross Domestic Product.

Buhari, who spoke virtually from the State House, said, “The NLNG, which contributes about one per cent to GDP, has generated $114bn in revenues over the years.

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“$9bn in taxes, $18bn in dividends to the Federal Government and $15bn in feed gas purchase.”

The President noted that these achievements were accomplished with 100 per cent Nigerian management and 95 per cent Nigerian workforce.

The Decade of Gas conference organised by the Federal Ministry of Petroleum Resources brought operators and other stakeholders together to deliberate on how to power the Nigerian economy using gas.

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Buhari said the Federal Government would fully utilise the enormous gas resources in the country to uplift the economy and drive industrialisation.

“The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ the President stated.

The President told participants at the pre-summit that the major objective of government for the gas sector was to transform Nigeria into an industrialised nation with gas playing a major role.

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This, he said, had been demonstrated through enhanced accelerated gas revolution, as he noted that the development of gas infrastructure had commenced along with the domestic utilisation of Liquefied Petroleum Gas and Compressed Natural Gas.

Buhari also stated that the process of commercialising gas flares, development of industrial and transport gas markets, and increasing gas to power were currently ongoing.

Punch

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