NLNG’s dividend to FG drops 50% on oil price, militancy

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The financial performance of the Nigeria Liquefied Natural Gas (NLNG) Limited dipped last year on global low oil prices and heightened militant attacks in the Niger Delta, The Nation reports.

While the former started since late 2014, militant attacks peaked early last year resulting in bombing of pipelines including a major gas supplier to NLNG. According to the 2017 facts and figures presented to reporters in Lagos yesterday by the management of NLNG led by the Managing Director, Mr. Tony Attah, the company dividend paid to the Federal Government from last year’s operations was $356.1million compared to $1.043billion in 2015, $1.390billion in 2014 and $2.769 billion in 2012.

The various taxes paid by the firm also plunged. The company income tax (CIT) and education tax (ET) in 2016 dipped to $323.27million from $2.170billion in 2015 and $1.402billion in 2014. Also pay as you earn (PAYE) dropped to $31.322million in 2016 as against $42.842million in 2015 and $46.903million in 2014. However, value added tax (VAT) was higher last year at $24.598million compared to $20.156million in the previous year, $23.976million in 2014 and $165.483million in 2012.