Connect with us

Government

NLNG to Raise $15b for Train 7 Project

Published

on

Train 7 Project
  • NLNG to Raise $15b for Train 7 Project

Nigeria Liquefied Natural Gas Limited (NLNG) plans to raise $15 billion from the International Capital Market to fund its Train 7 project, its Managing Director Tony Attah, has said.

The Train 7 investment is capable of generating 18,000 jobs, he added.

Attah told the Senate to approve the plan when on Tuesday, he received members of the Senate Committee on Gas led by Senator Bassey Albert Akpan paid an oversight visit to the NLNG facility in Bonny, Rivers State.

Attah said: “NLNG needs all the necessary support to be able to go to the market to raise 15 billion dollars for Train 7 investment which is capable of generating 18,000 jobs. This will enable Nigeria resolve most of the youth restiveness in the country; help the company to remain a global player in the natural gas market, and to help build a better Nigeria. We believe we can achieve all these with your help.”

He assured that Nigeria had sufficient proven and non -proven gas resources to the extent that the country was referred to in a global conference, as “that gas country that has some oil”, whereas the country actually classifies its economic strength in terms of oil and not gas, adding that proven and estimated gas reserves at 187 and 600 trillion cubic feet (TCF), are more than sufficient to serve domestic and commercial needs of the country.

He also pointed out that Nigeria LNG had helped to reduce gas flaring from 65 per cent at the commencement of its operations to about 20 per cent today, removing the country from the top of the list of erring nations.

Attah said Nigeria LNG is faced with severe challenges, including the operations of multiple regulatory agencies, pipe line security issues, with 19 recorded pipeline disruptions this year alone as example.

He also alluded to the problem of double taxation, which is capable of impacting the company’s competitiveness and compromising its ability to maintain its position as the world’s 4th global largest gas supplier.

According to him, the situation if not checked, is capable of leading to a number of unfavourable consequences such as loss of revenue for  the Federal Government, potential loss of jobs and loss of status as inspirational business model and number one indigenous company in the country.

On LPG supply to the domestic market, the NLNG MD said the structure is threatened, as the system encourages tax-free importation of LPG while NLNG supply is subjected to Value Added Tax (VAT), thereby frustrating the company’s effort to support and grow the local LPG market for which it already sets aside 250,000 metric tonnes annually.

Akpan promised that his committee would assist to sustain the NLNG legacy and encourage the entrenchment of the NLNG business model in other parts of the Nigerian economy.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Government

Peter Obi Slams Tinubu Over Double National Grid Collapse, Calls for Urgent Power Sector Reforms

Published

on

Peter G. Obi

The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has berated President Bola Tinubu’s government after the country’s national grid collapsed twice in less than 24 hours.

The former Anambra State Governor reacted via a lengthy statement on his official X handle on Tuesday, October 15.

Obi blamed the persistent collapse on the failure of leadership and the policies implemented by the federal government.

He called for urgent and comprehensive reforms, saying Nigerians deserve a government that prioritizes measurable indices of development

He said, “For the umpteenth time, the national grid has collapsed, plunging a huge part of the nation into darkness and exposing the fragility of Nigeria’s power infrastructure.

“This recurring disaster is a national shame and a glaring testament to the failure of leadership and policy implementation at the highest levels. How long must Nigerians endure a system that fails to provide one of the critical necessities for a productive society?

“This latest power grid collapse is emblematic of a leadership and government that have consistently failed to prioritize the welfare and economic well-being of the people.

“We all know the immense importance of power supply to the transformation of our economy. Its support to SMEs, which are the engine of job creation and a major contributor to our GDP, is immeasurable.

“Today, we are the fourth largest economy in Africa, having fallen from the number one position due to leadership failure over the years, including the persistent power crisis, which is critical when compared to smaller economies.

“South Africa, which is now the largest economy in Africa with a GDP of about $400 billion and 30% of our population, generates and distributes over 40,000 megawatts of electricity.

“Secondly, Egypt, the second largest economy with a GDP of about $350 billion and half of our population, generates and distributes over 40,000 megawatts.

“Algeria, the third largest economy, with about 300B GDP and 20% of our population, generates and distributes over 50,000 megawatts of electricity.

“Nigeria, with less GDP but with more population than the 3 countries combined, generates and distributes less than 10,000 megawatts, and even that is riddled with frequent collapses and crises of failure.

“This disparity in power generation is a reflection of the deep-rooted governance deficit that continue to hold back our growth and potential. It is time for urgent, comprehensive reform. Nigerians deserve a government that prioritizes measurable indices of development.”

Investors King reported that the national grid partially collapsed on Tuesday morning, marking the second collapse in less than 24 hours after the first collapse on Monday.

Continue Reading

Government

INEC Begins Security Training Ahead of Ondo Governorship Election

Published

on

The Independent National Electoral Commission (INEC) has commenced a three-day training session for security personnel as part of preparations for the upcoming off-cycle governorship election in Ondo State.

Investors King reports that the electoral body is scheduled to conduct the election on November 16

During the opening of the training in Akure, the state capital on Monday the National Commissioner and Chairman, Board of Electoral Institute, Prof Abdullahi Zuru, said the training was opened for security officers from various agencies including the state police command, the Nigerian Army, the Nigerian Airforce, the Federal Road Safety Corps, the Nigerian Security and Civil Defence Corps, the Nigerian Immigration Service and the Nigerian Customs Service.

Zuru revealed that off-cycle elections in Nigeria pose more challenges compared to general elections.

He, however, said there is a need for continuous collaboration between INEC and security agencies to tackle the prevailing challenges effectively.

He said, “It is pertinent to remind ourselves that off-cycle elections in Nigeria are inherently more challenging than general elections because it allows political actors to concentrate their human and material resources to circumvent the electoral process.

“So, the INEC and security agencies must continuously enhance collaboration to ensure that the vote of every voter counts and the people of Ondo State decide who governs them through the ballot box.

“This training is, therefore, an opportunity for the commission to further enhance synergy between INEC and the security agencies, and ultimately ensure that a tranquil electoral environment is provided for deployment of electoral materials, equipment and personnel as well as peaceful movement of voters.”

Meanwhile, during the All Progressives Congress (APC) campaign flag-off in Ondo West Local Government Area on Saturday, Governor Lucky Aiyedatiwa announced an increase in the minimum wage for civil servants in the state.

Aiyedatiwa, who is running for office under the APC platform, reaffirmed his commitment to improving the welfare of civil servants and urged residents and citizens to come out in large numbers and vote for him.

 

Continue Reading

Government

Enugu Government Gives Reasons For Imposing Tax on Dead Bodies 

Published

on

Company Income Tax (CIT) - Investors King

The Enugu State Government has given reasons for its decision to impose a tax on corpses in mortuaries across the state.

The government said its decision was not driven by the need to generate revenue.

Executive Chairman, Enugu State Internal Revenue Service (ESIRS), Mr Emmanuel Nnamani, made this clarification while reacting to the Mortuary Tax circular addressed to all morticians in the state.

Nnamani said imposing the tax was inline with the state Mortuary Tax Law which had existed for years, adding that it was not new to the state.

He further clarified that the mortuary tax was N40 daily only as against N40,000.

Nnamani stated that it is an indirect tax paid by mortuary owners, not deceased family and it is just N40, not N40,000.

He added that since its introduction, nobody has been denied burying their dead ones, adding that if the corpse stays in the mortuary for 100 days, the mortuary is expected to pay the state a sum of N4,000.

“The tax is not meant to generate revenue but to discourage people from taking their dead ones to the mortuary all the time,” he stressed.

According to the circular, ESIRS, in line with the provisions of Section 34 of the Birth, Deaths and Burials Law Cap 15 Revised Laws of Enugu State 2004, approved the implementation of the Mortuary tax.

The law partly reads, “The sum of N40.00 only is to be paid by owners of a corpse once it was not buried within twenty-four hours. The amount continues to count daily.

“Kindly ensure that owners of corpses make the payments before collection of the corpses for burial and then remit the same to the ESIRS in any commercial bank under the mortuary tax in Enugu State IGR Account.”

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending