THE Nigeria LNG Limited has said that it has been meeting Nigeria’s domestic LPG demand.
The company made this known when its Board of Directors and Management paid a courtesy visit to President Bola Ahmed Tinubu, at the Presidential Villa, Abuja.
In a statement obtained by Vanguard, the company, stated: “the MD/CEO of Nigeria LNG Limited, Dr. Philip Mshelbila, said that since inception, NLNG has contributed enormous revenue to the government through dividends and taxes, noting that 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% of produced LPG volumes from NLNG dedicated to the domestic market, supplying about 40% of Nigeria’s domestic LPG demand.
However, the company stressed that challenges around pipeline vandalisation have constrained NLNG’s production with consequent loss of revenue to the government.
President Tinubu, in his response, commended NLNG for its steadfast commitment to excellence and immense contributions to the GDP, acknowledging the critical role the Company 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.
President Tinubu 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.