The Association of National Accountants of Nigeria urged the Federal Government on Friday to enhance investments in the production of liquefied natural gas, since gas revenues will aid Nigeria’s present income issue.
According to The Punch, ANAN stated that this was critical due to the increased global demand for petrol, emphasizing that Nigeria had more petrol than crude oil.
ANAN’s President, James Neminebor, said this in Abuja at the 2024 National Budget Workshop, which was conducted by the Chartered Institute of Taxation of Nigeria in partnership with ANAN.
He spoke alongside CITN President Samuel Agbeluyi at a press conference following the training.
Neminebor stated, “We want to advise the administration that in terms of budget, revenue generation is the most crucial factor. Where revenue is properly sourced, there will be enough to allocate in the budget.
“In Nigeria, we leave many things unmanaged. We place so much focus on crude oil, yet petrol is underserved.
“The Nigeria Liquefied Natural Gas Company is a direct intervention in which the Federal Government owns shares and pays dividends. If we have four of these, the federal government will have adequate revenue.
“We need more than three NLNGs in Nigeria since gas is significantly more available as reserves in this country than crude oil. The Federal Government should therefore invest in gas and have a serious hold on it to expand Nigeria’s revenue base.”
In July 2023, the Federal Government announced that Nigeria possesses 208.83 trillion cubic feet of gas reserves, accounting for 33% of Africa’s total gas reserves of 620 TCF.
It further stated that Nigeria is a gas-rich nation with the highest reserves in Africa and a life expectancy of 94 years.
The CITN president echoed ANAN’s position, saying, “Adequate revenue is critical at this time because we cannot continue to borrow money.
“We need to create enough money to cover the budget that is before us. So we seek political leaders’ understanding and cooperation to ensure that whatever is collected is used appropriately.”
Agbeluyi asked the political class to strengthen efforts aimed at raising the country’s revenue, adding that the suggestion of his counterpart in ANAN would be of help when implemented.
