Niger Delta Development Commission (NDDC)on Thursday asked the House of Representatives to prevail on the Nigeria Liquefied Natural Gas (NLNG)to pay it about N360 billion, which was supposed to be the latter's statutory contribution to the commission in the last eight years.

Counsel to NDDC, Austin Aleghe (SAN), stated this in Abuja at the public hearing on the Bill to amend the NLNG (Fiscal and Incentives Guarantee and Assurance)Law of the Federation of Nigeria, 2004 organised by the House of Representatives Committee on Gas Resources.

According to him, the NNDC Act provides that all oil and gas companies operating in the Niger Delta region shall each contribute three per cent of their annual budgets to the commission, but that the NLNG has defaulted in the payment since 2000 when the commission was established.

Stating that NLGN makes about N500 billion profit yearly, Aleghe told the committee that going by the calculation of NDDC, it (NDDC)is entitled to N360 billion from the NLGN in the last eight years.

He said if the money was paid it would go a long way in providing infrastructure in the region.

"NLNG makes profit of N500 billion a year. That is more than what 25 banks we have in Nigeria make in a year. And the law establishing NNDC says each company involved in the Niger Delta, both oil and gas should contribute three per cent of its budget to NDDC.

"If the profit is N500 billion a year, and this has taken place for eight years and you assume that they are making 50 per cent profit margin, it means they are investing one trillion naira to make N500 billion profit. And out of the one trillion, you take three per cent you will get N30 billion a year, which is due to NDDC.

"If you take a lower profit margin of 30 per cent, it means that they are using N1.5 billion to make that N500 billion profit and if you take that N1.5 billion, three per cent is just about N45 billion a year.

"At N45 billion a year, times eight years, you will get N360 billion. If you take the other figure of N30 billion a year, then you will get about N240 billion.

"And the point we are making is that if NLNG does not make up to N360 billion or N240 billion but only N180 billion or N100 billion, then we will say yes, they are being fair to NDDC and the people of Niger Delta.

"But there is a total denial and total refusal by NLNG to contribute one penny to the development of the Niger Delta. That is where they make the N500 billion profit," he said.