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NLNG Pays FG $2.2b Taxes In 2015

The Nigeria Liquefied Natural Gas Limited says it paid the sum of S2.2billion to the federal government as income tax in 2015.

Managing Director of the company, Babs Omotowa,who disclosed this in Lagos on Wednesday at the presentation of ‘Facts and Figures on NLNG 2016’, said the development represents his company’s contribution to nation wealth and economic well being of Nigeria.

He also said since 2008,his company has contributed about four percent of Nigeria’s annual Gross Domestic Product, but added that this has since been reduced to one percent due to the rebasing of the GDP.

“With its plant construction, the company generated considerable Foreign Direct Investment for the country. The project today has assets worth S15billion financed mainly by NLNG shareholders, with 51 per cent stake by International Oil Companies and 49per cent belonging to the country through the Nigerian National Petroleum Corporation (NNPC).

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He disclosed that his company has converted about 146billion standard cubic metres of Associated Gas to exports as liquefied natural gas and natural gas liquids which will help reduce gas flaring by upstream companies.

On job creation, he said his company generates over 12,000 jobs each construction year, while major sub-contractors employed over 18000 Nigerians in technical jobs in the Base Project