Home Latest News Why Labour is opposed to sale of NLNG Holdings — NLC

Why Labour is opposed to sale of NLNG Holdings — NLC

Nigeria Labour Congress (NLC) has cited reasons why it is opposed to the sale of the NLNG Holdings as proposed by some notable Nigerians.

The Congress said it was convinced that the proposal would not only weaken the revenue capacity of government in future but also damage the nation’s economic base.
Towards this end, the NLC) told the federal government to be ready for war if it goes ahead to consider the proposal by some Nigerians that the NLNG Holdings be sold.
The Congress, in  a  statement by its president, Comrade Ayuba Wabba described the call for the sale of the NLNG as unacceptable.
He said while the NLC recognised that there is need to take urgent steps to stem the dwindling fortunes of the national economy, they are convinced that the proposals in question will further weaken the revenue capacity of government in the future and weaken the economic base of the nation.
He said investments in the NLNG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future.
According to him, Nigerians must resist the new scheming by those he described as waiting and wishing to lap up these lucrative national assets, saying Nigeria needs to preserve these assets for our children and future generations.
He said, “For example, it was the accrued dividend payments from NLNG shares that provided the resources for the first bail-out to states when many states could not pay salaries under this present regime.  It is on record that dividends, in excess of one billion dollars, have accrued annually to the national coffers from the gas company over the past twelve years.”
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