House Adopts Bill to Repeal 1989 NLNG Decree

Proshare

March 13, 2008

 

The House of Representatives yesterday adopted a Bill to repeal the Nigeria Liquefied Natural Gas (Fiscal Incentives, Guarantees and Assurances) Decree of 1989 which would compel the Bonny based company to pay 3% of its annual turnover  to the Niger Delta Development Commission (NDDC).

 

The House in a unanimous vote after accepting to repeal the Act committed it to the Committee. The Bill Sponsors stated that the Bill is meant to correct the injustices of an extractive company refusing to contribute to the development of its host community.

 

 

He said the NDDC had in a bid to enforce section 14 (b) of the NDDC Act which lists as parts of monies due to it (three percent of the total annual budget of any oil producing company operating onshore and offshore in the Niger Delta area including gas processing companies, shall be paid to the NDDC) gone to the Federal High Court in Port Harcourt to challenge the decision of the NLNG.

 

 


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