The Nigerian Liquefied Natural Gas Company (NLNG) generated $114 billion in revenues over the years.
A breakdown of this figure reveals that $9 billion was raked in as taxes, $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase.
President Muhammadu Buhari disclosed this Monday, while speaking at the virtual Pre-Summit Conference of the Nigeria International Petroleum Summit (NIPS) 2021 as well as official launch of the Decade of Gas.
The president noted that these achievements by NLNG, which contributes about 1% to the nation’s Gross Domestic Products (GDP), were accomplished with 100% Nigerian Management and 95% Nigerian workforce.
Speaking through his spokesman, Femi Adesina, the President said it was a bold statement to demonstrate the resolve of this administration that gas development and utilization should be a national priority to stimulate economic growth, improve energy mix, drive investments, and provide the much-needed jobs for the teeming youths Dx, noting that his administration prioritized gas development and recorded remarkable progress.
He said given the country’s potential of about 600 trillion cubic feet of gas, the commodity has the enormous potential to diversify Nigeria’s economy, especially considering the rising global demand for cleaner energy sources, adding that his administration would fully utilize the enormous gas resources in the country to uplift the economy.
He, therefore, charged all other relevant Ministries, Departments, and Agencies (MDAs) on the need to partner with the international oil companies, the indigenous oil companies and financial institutions to actualize the dream of fully utilizing our gas resources to uplift our economy.