The Nigerian Oil Spill Detection and Response Agency (NOSDRA) has stated that Nigeria from 2011 to 2021 recorded a loss of over $22.9 billion to gas flaring.
Adeshida, who underscored the need for proper monetisation of gas flaring in Nigeria said, the Country flared more than 4.2 billion standard cubic feet of gas leading to the Country’s loss of more than $14.6 billion from 2012 to 2021.
“This is in addition to $8.3 billion loss in penalty for the wastage totaling $22.9 billion dollars loss within the same period.”
For Mohammed Shehu, chairman of RMAFC, the gas sector has been identified as a critical economic sector, in view of the current government’s mandate to shore up revenue.
According to him, working with NUPRC and NOSDRA as regulatory bodies will ensure the right quality and quantities of gas production alongside adherence to environmental standards for host Communities.
Shehu therefore called on all the relevant stakeholders in the management of the gas economy to strategise on ways to convert gas flare to economic use for enhancing revenue generation into the Federation Account.
Also speaking, Babajide Fashino, the Director of Economic Regulation and Strategic planning of NUPRC, said that Nigeria is at the forefront of managing gas flaring in line with global best practices for economic growth and sustainability.
Shehu therefore called on all the relevant stakeholders in the management of the gas economy to strategise on ways to convert gas flare to economic use for enhancing revenue generation into the Federation Account.
Also speaking, Babajide Fashino, the Director of Economic Regulation and Strategic planning of NUPRC, said that Nigeria is at the forefront of managing gas flaring in line with global best practices for economic growth and sustainability.
According to Fashino, the government has introduced a metering system and calibration of the meters for accurate records of gas management. “The introduction of such technologies has gone a long way in reducing gas flaring in Nigeria from 40 percent to not more than 7 percent.”
Source- Business Day Newspaper.