Repeal of NLNG Act will hamper foreign investments- Lai Mohammed
Tue Sep 06, 2016 09:14:am National
6.3K By sosa hills
The Minister of Information, Alhaji Lai Mohammed, has said that the executive will not support the move by the National Assembly to repeal the Nigeria Liquefied Natural Gas Limited (NLNG) Act.
He spoke on Monday in Abuja when the NLNG Managing Director, Mr Tony Attah, led a delegation to visit him.
Attah had called on the Federal Government to halt the move by the House of Representatives to repeal the Act setting up the company.
He warned that should the Act be repealed, it would be disastrous for the country and the present administration which is currently struggling to attract investors as well as improve the image of the country.
Attah said: "We have issues with the National Assembly which is looking to repeal the Act setting up the NLNG which is really the pillar on which the company stands. There is a proposal currently with the House of Representatives seeking to repeal the act setting up the NLNG which unfortunately will not do well for the country.
"Over the last five years, we have made very positive contributions to the economy because NNPC is shareholder with 49 per cent equity shares.
"We have contributed more than $20 billion to the economy in the last five years through the NNPC revenue and over $6 billion in tax.
In his response, Mohammed pledged the Federal Government's continuous protection of existing investors like the NLNG, which he says, has shown a successful model of what Public Private Partnership (PPP) can contribute to the growth of the Nigerian economy.
Mohammed likened the move to repeal the Act as killing the goose that lays the golden egg with regards the immense contributions the company has played in the advancement of the creative industry and host communities through its corporate social responsibility.
He spoke on Monday in Abuja when the NLNG Managing Director, Mr Tony Attah, led a delegation to visit him.
Attah had called on the Federal Government to halt the move by the House of Representatives to repeal the Act setting up the company.
He warned that should the Act be repealed, it would be disastrous for the country and the present administration which is currently struggling to attract investors as well as improve the image of the country.
Attah said: "We have issues with the National Assembly which is looking to repeal the Act setting up the NLNG which is really the pillar on which the company stands. There is a proposal currently with the House of Representatives seeking to repeal the act setting up the NLNG which unfortunately will not do well for the country.
"Over the last five years, we have made very positive contributions to the economy because NNPC is shareholder with 49 per cent equity shares.
"We have contributed more than $20 billion to the economy in the last five years through the NNPC revenue and over $6 billion in tax.
In his response, Mohammed pledged the Federal Government's continuous protection of existing investors like the NLNG, which he says, has shown a successful model of what Public Private Partnership (PPP) can contribute to the growth of the Nigerian economy.
Mohammed likened the move to repeal the Act as killing the goose that lays the golden egg with regards the immense contributions the company has played in the advancement of the creative industry and host communities through its corporate social responsibility.
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