CityNews Nigeria reports President Muhammadu Buhari said that the Nigerian Liquefied Natural Gas (NLNG) has generated $114 billion in revenues over the years with $9 billion in taxes.

The President noted that the NLNG has generated $114 billion in revenues over the years.

These achievements and others, the president said were accomplished with 100% Nigerian management and 95% Nigerian workforce.

This disclosure was made by Buhari while speaking at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and the official launch of the Decade of Gas in Abuja on Monday.

Buhari also noted that about $18 billion was paid as dividend to the Federal Government and $15 billion in Feed Gas Purchase.

The president commended the collaboration between the Federal Ministry of Petroleum Resources, Nigerian National Petroleum Corporation (NNPC) and NLNG Limited to actualize the dream of transforming Nigeria with its massive gas resources.

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While describing the NLNG as the Federal Government’s arrowhead in the reduction of gas flaring in Nigeria, Buhari was full of praises for NLNG for winning the award for outstanding business strategy, in 2020, for going ahead with Train 7 during the global pandemic.

The president said his administration will fully utilize the enormous gas resources in the country to uplift the economy and drive industrialization adding that with the country’s potential of about 600 trillion cubic feet of gas, the commodity had the enormous potential to diversify Nigeria’s economy.

What you should know

  • The NLNG which is jointly owned by the NNPC, Shell, Total and Eni, is a major player in the global LNG business and is reported to be Nigeria’s most successful commercial venture.
  • The Federal Government’s move to fully utilize the country’s gas potentials has offered Nigeria the opportunity to diversify its economy and reduce the dependence on oil as well as drive the industrialization plans of the government.
  • The Federal Government in a bid to fully tap into the country’s gas potentials started the process of commercializing gas flares, developing industrial and transport gas markets, and increasing gas to power.
  • They also initiated projects and policies like the National Gas Expansion Programme, Autogas policy and the construction of the 614km Ajaokuta-Kaduna-Kano gas pipeline.
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