The Federal Government has renounced Alhaji Aliko Dangote’s proposal to sell Nigeria’s Liquefied Natural Gas (LNG) company and other crown jewels to augment a shortfall in revenue, insisting that borrowing would be a better option, The Sun reports.
Acting Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Shetima Umar Abba Gana, who faulted Dangote’s proposal, said that Nigeria’s gas reserves which totals 188 trillion cubic feet, is the best in the world because of its low hydrogen sulphide impurity levels. Instead of selling Nigeria’s assets, which generate funds to the Federation Account, he said wealthy Nigerians should be encouraged to set up their own LNG projects.
Gana argued that it would be unwise for the Federal Government to dispose of its revenue generating crown jewels that keep the Federation Account robust over the long term. Citing the NEITI 2013 audit and financial report of Nigeria’s oil and gas industry, Gana disclosed that the sum of $12.9 billion was received by NNPC from NLNG over an eight-year period which the corporation did not remit to the Federation Account.
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