The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has kicked against the proposed amendment of the Nigerian Liquefied Natural Gas (NKNg) Act which it said may prevent foreign investment worth over $25billion into the economy.
Moreover, the union said the Federal Government risks possible loss of $124million per annum which is paid as dividend and related taxes if the proposed amendment of the NLNG Act sails through.
Comrade Olabode Johnson, PENGASSAN President and PENGASSAN Acting General Secretary, Comrade Lumumba Okugbawa, disclosed this in a communiqué issued at the end of its National Executive Council.
“The expected 18,000 jobs for Trains seven and eight will be lost if the Act is amended. This is at a time when the Niger Delta and the nation are in such dire need of jobs. That 18,000 jobs with its attendant multiplier effects on dependants will be very significant to the country.”
The union also said any amendment will result in a return to incresed flaring and negative impact on the Niger Delta environment.
The union advocated that the sanctity of the NLNG Act and its provisions be preserved in the greater overall interest of Nigeria.
“Indeed, we believe that based on the NLNG success story, similar guarantees and incentives should urgently be extended to enable the take-off of other projects, beginning with the stalled Brass and OK LNG projects.
“This will go a long way towards addressing the crushinf problem of mass unemployment affecting millions of Nigerians and the many security challenges it has given rise to,” the communique read.