The Association of National Accountants of Nigeria (ANAN) has called upon the Federal Government to escalate investments in liquefied natural gas (LNG) production, emphasizing that harnessing gas resources is pivotal in overcoming Nigeria’s current revenue challenges.
ANAN’s President, James Neminebor, conveyed this imperative during the 2024 National Budget Workshop in Abuja, organized by the Chartered Institute of Taxation of Nigeria in collaboration with ANAN. Speaking alongside Samuel Agbeluyi, the President of CITN, Neminebor stressed the urgency of diversifying revenue sources and underlined the abundance of gas reserves in Nigeria compared to crude oil.
Neminebor asserted, “In Nigeria, we leave so many things unattended to. We emphasize so much on crude oil, whereas in the case of gas, that arm of the sector is not properly attended to.” He advocated for increased investment in gas, citing the Nigeria Liquefied Natural Gas Company as a prime example of a lucrative venture that contributes dividends to the government.
Highlighting the substantial gas reserves in Nigeria, the Federal Government reported in July 2023 that the country possesses 208.83 trillion cubic feet of gas reserves, accounting for 33% of Africa’s total gas reserves. With a life index of 94 years, Nigeria stands out as a gas-rich nation in Africa.
Corroborating ANAN’s stance, CITN President Agbeluyi emphasized the critical need for adequate revenue generation, urging political leaders to implement measures that contribute to fiscal stability. He echoed the sentiment that prioritizing gas investments would alleviate the necessity for continuous borrowing and underscored the importance of utilizing collected revenue judiciously.
Agbeluyi further encouraged political leaders to embrace strategies aimed at augmenting the country’s revenue, affirming that ANAN’s recommendation, when implemented, would be instrumental in achieving this goal.