The Petroleum and Natural Gas Senior Staff Association of Nigeria said on Tuesday that the House of Representatives’ decision on Nigerian Liquefied Natural Gas was in the right direction.
Fortune Obi, Public Relations Officer of PENGASSAN, gave the commendation while fielding questions from newsmen in Lagos on Tuesday.
According to Obi, the lawmakers took the right decision by cautioning the Federal Government on the proposed sale of its shares in NLNG.
He said the warning was in tandem with PENGASSAN’s position on the need for the government to retain its shares’ ownership in the company.
Obi said: “About 18,000 jobs in the sector will be affected if the proposed plan is carried out. Government should instead, explore other options to fund the economy rather than sell the NLNG.
“Its dividends were used to start and finance the economy when Nigeria was in recession.’’
He said the NLNG model had been the best option so far and should be replicated in other government failed ventures such as the refineries and others.
He cautioned that the losses that would accrue from the sale of the NLNG far outweighed its gains, adding that there were other options the government might/ adopt to resuscitate the economy.
He said: “NLNG has bailed out the country when it was in recession as proceeds from its dividends were used to finance the economy.
“Those investors who were clamouring for the sales of Federal Government shares in NLNG should find another means of injecting their resources into the economy instead of buying a successful company.’’
He advised those who were clamouring for the sale of the gas company to set up their own LNG project.
According to him, this will go a long way to help the country in utilising its large gas reserves as well as eradicating gas flaring in the country.