The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned against the proposed amendment of the Nigerian Liquefied Natural Gas Act, saying it is capable of denying the nation $25 billion foreign investment.
The union said the federal government risked possible loss of $124 million per annum which is paid as dividend and related taxes if the proposed amendment of the NLNG Act sailed through.
President of the union, Comrade Olabode Johnson and Acting General Secretary, Comrade Lumumba Okugbawa, disclosed these in a communiqu issued at the end of its National Executive Council meeting.
The union said: “The expected 18,000 jobs for Train 7 and 8 will be lost if the act is amended. This is at a time 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”.