#Bailout! NLNG finally opens up….reveals the real source of the funds
Contrary to the claim of Chief Olisha Metuh and his party, Peoples Democratic Party, PDP’s that the funds the Federal Government disbursed for bailout to the states government was from the savings the past administration left behind which was generated from the Excess Crude oil Account, the funds is from the Income Tax and Education Tax paid by the Nigeria Liquefied Natural Gas(NLNG).
The NLNG Managing Director, Babs Omotowa confirmed this, he said, NLNG paid Income Tax and Education Tax to the Federal Government on the 17th of June 2015 as 2014 income tax payment. He added that, the company paid $1.3b last year to the FIRS as the Company Income Tax and Education Tax for 2013. He also said that, the company also pay dividends to the shareholder, and over $30b has been paid as dividends to the shareholders for the past 10 to 15 years.
When asked why the tax for 2014 in just being paid in June 2015, Omotowa said,it was delayed because the account has to be properly audited and approved and moreover the CIT Law says, the tax must be paid before the end of June.
Mr. Omotowa also said that NLNG is one of the major contributors to government coffers, and as a matter of fact, the company ranks first in terms of Company Income Tax. He said, though other companies also have additional payment, like royalties, he said NLNG pays dividends to the shareholders apart from the Company Income Tax.
