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We remitted $18bn to NNPC since 2004, NLNG tells Senate
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THE Senate was told Wednesday that the Nigerian Liquefied Natural Gas (NLNG) has so far remitted 18 billion dollars to the Nigerian National Petroleum Corporation (NNPC) from 2004 to date as dividends to the Federal Government.
According to NLNG, it has also remitted nine billion dollars in Tax to the Federal Government from 2011 to date, while 15 billion dollars had also been remitted for field gas to the NNPC since inception of the company.
The General Manager (External Relations and Sustainable Development) of NLNG, Mrs. Eyono Fatai –William made the disclosure yesterday in Abuja
while presenting a financial summary of the company from 1999-2019 and projections on the Medium Term Expenditure Framework for 2021 to 2023 before the Senator Olamilekan Adeola, All Progressives Congress, APC, Lagos West led Senate Joint Committee on Finance and National Planning Stakeholders on the details of the 2021and 2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) forwarded last month by President Muhammadu Buhari.
Speaking further, the NLNG General Manager, Mrs. Eyono Fatai –William gave the breakdown of the 18 billion dollars remitted to NNPC on behalf of the Federal Government to NNPC to include 2004 2.7milliion dollars, 2006 332.9 million dollars,2007 842.9 million dollars,2008 2.6 billion dollars,2009 848.6 billion dollars.
She said that, for 2009, NLNG remitted 848.6million dollars ,2010, 1.4 billion dollars,2011, 2.5 billion dollars,2012, 2.7 billion dollars,2013,1.26 billion dollars,20 14, 1.38 billion dollars while 2015 was 1.04 billion dollars.
According to her, the NLNG remitted 356 million dollars to NNPC in 2016,2017 798 million dollars, 2018, 904 million dollars,2019,915 million dollars while 279.5 million dollars was remitted for 2020.
Meanwhile the Senate has directed the Accountant General of the Federation, Ahmed Idris to as a matter of urgency, carry out a holistic investigation into the payment of the sum of $18,323,032,261.03(over $18billion) as dividend from Nigerian investment in the Nigeria LNG Limited (NLNG) between 2004 and 2020.
Giving the directive, Chairman of the Committee, Senator Adeola asked the Accountant General to investigate among other things, if the amount was actually remitted to NNPC, how much was actually remitted to the Federation Account, if there is any deduction by NNPC, how much was deducted and who authorized the deductions and the exchange rates applied for the amount that was remitted over the years under consideration.
When Senator Adeola inquired from the Accountant General of the Federation if he can confirm the payment of the humongous dividends to the Federation Account, he said it was difficult to determine with any certainty immediately as the dividend was usually paid to NNPC who are the representative of Nigeria in the company.
Senator Adeola who urged the Accountant General of the Federation, to confirm and cross check the details of the remittance and report back to the committee on Aug 26, said that the confirmation of the remittance would give the true situation of Federal Government’s investment in NLNG since inception and the performance situation of the company in general.
The Committee therefore directed the Accountant General to investigate the payment and report back to the Senate in two weeks.
The Senate was also told that Nigeria through NNPC have about 53% shareholding in Nigeria LNG Limited.
The Committee also mandated the Registrar General of the Corporate Affairs Commission, CAC to within the end of August remit to the Consolidated Account.