Breaking News
Translate

Concurrent on Amendment of NLNG Act: Senate report ready next month – Akpan

By Henry Umoru
ABUJA – THE Senate has assured that with the level of work carried out so far on the amendment of Nigeria Liquefied Natural Gas, NLNG Act, the report would be presented at plenary when the lawmakers resume in September from the annual recess.

Disclosing this to Vanguard Monday, Chairman, Senate Committee on Gas, Senator Bassey Albert Akpan, PDP, Akwa Ibom North East said that at a meeting of the committee Monday, major areas in the concurrent of the Amendment Act recently being passed by the House of Representatives.

Senator Akpan said, ” The Committee on Gas of the Senate of the Federal Republic of Nigeria is looking into the Concurrent of the NLNG Amendment Act recently passed by the House of Representatives. The committee at its meeting today looked at it and has done a serious work on it to report back to when the Senate resumes September.”

THE House of Representatives had in May passed the NLNG Amendment bill which seeks to make the payment of three percent of annual budget of Nigeria Liquefied Natural Gas Limited into the coffers of Niger Delta Development Commission, NDDC, through third reading.

Following the passage of the bill promoted by Leo Ogor, Minority Leader, sought to amend the Nigeria LNG (Fiscal Incentives, Guarantees and Assurances) Act, the House is expected to transmit the bill to the Senate for concurrence.

In the new provision, the Act was amended by adding section 7b to the Principal Act, which provides that “Notwithstanding section 7 or any other provision of this Act, the Nigeria Liquefied Natural Gas Limited shall pay 3% of its total annual budget to the Niger Delta Development Commission Fund as required by section 14 subsection 1 and 2b of the NDDC Act establishment Act, 2000.

Also recall that the Nigerian Liquefied Natural Gas Company, NLNG, Limited, had taken its battle against amendment of NLNG Act by the House of Representatives to the Senate.

The essence of the interface with the Senate is to get the House of Representatives to reverse the amendment.

The move, which was supported by the shareholders of the company, such as the Nigerian National Petroleum Corporation, NNPC; Shell Petroleum Development Company Limited, Total Exploration and Producing Company and Agip, was however based on the need to remove huddles capable of hindering the implementation of the nation’s $25 billion trains seven and eight project.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.