Nigeria to use LNG dividend in clearing debt backlog

Growing debt backlog within Nigeria’s federal, state and local governments has forced the presidency to share $2.1 billion to help alleviate issues created by declining revenues. 

President’s special adviser Femi Adesina told Reuters that Nigeria’s president approved the plan to share $2.1 billion dividend paid by Nigeria LNG.

According to the finance ministry, Nigeria would use the LNG dividend in the amount of $1.81 billion while other sources say the $1.7 billion will be shared out of the oil savings pot.

Nigeria Liquefied Natural Gas recently remitted $1.6 billion in tax to the government enabling it to use the funds in clearing the backlog debt and restructure commercial loans.

LNG World News Staff; Image: Nigeria LNG