NLNG’s dividends, taxes to Nigeria hit $41.8bn in 17 years

The Nigeria Liquefied Natural Gas (NLNG) limited has declared that its dividends, taxes and levies to Nigeria had hit $41.8 billion mark in 17 years. Managing Director and Chief Executive Officer of the company, Mr. Tony Attah, who revealed this during the launch of the latest Facts and Figures on NLNG in Lagos yesterday, maintained that the gas company raked in $95.09 billion as revenues and invested $16.6 billion as capital investments between 1999 and 2016, the period under review.

The money got to the government, according to Attah, through dividends and gas purchase to Nigerian National Petroleum Corporation (NNPC); Company Income Taxes (CIT); Pay As You Earn (PAYE); Value added Tax (VAT); Taxes to states and local governments; regulatory fees and levies, as well as Withholding Taxes.

The document, presented by the NLNG boss, showed that $15.701 billion was paid to the NNPC as dividends; while the corporation also received over $13 billion as gas purchase and gas purchase escrow.

The Company Income Taxes paid to the government was $4.186 billion, while the PAYE from the company hit $365.3 million during the period under review. The document showed that $1.031 billion withholding tax went to the government coffers from the NLNG account between 1999 and 2016 while $672.42 million was paid as VAT to the government.

The states and local government areas received $9.19 million; $322 million was paid as regulatory fees and levies while $5.66 billion went to the Nigerian economy through local contracts for goods and services.

Attah, who addressed newsmen in company of Deputy Managing Director (DMD) of NLNG, Sadiq Maiborno; and General Manager, Finance, Solomon Folaranmi, maintained that the company, which posted $1 billion in 2016, could increase its taxes and levies to Nigeria when its $25 billion Final Investments Decision (FID) is taken on Train 7 and Train 8.

These investments potentials, which would boost employment by 18,000 jobs creation, he continued, are being hampered by the ongoing efforts by the National Assembly to amend the NLNG Act. “Any amendment of the act will portray Nigeria as a promise-breaker and it could prevent the required investments of $1 to $3 billion. The amendment could generally hamper Trains 7 and 8; the act should be left alone,” he said.

Related posts

Leave a Reply