From Isaac Anumihe, Abuja

Federal Government yesterday, disclosed that the country flared over 4.2 billion standard cubic feet of gas leading to the country’s loss of more than $14.6 billion worth of revenue between 2012 and 2021.

This is in addition to $8.3 billion loss in penalty for the wastage totalling $22.9 billion loss within the same period.
Speaking in an interactive forum, the Director, Information and Communication Technology (ICT) Nigerian Oil Spill Detection and Response Agency (NOSDRA), Mrs. Margaret Adeshida with delegations from Nigeria Upstream Regulatory Commission ( NUPRC), also underscored the need for proper monitisation of gas-flaring in Nigeria,

Also, speaking, the Director of Economic Regulation and Strategic Planning of NUPRC, Mr. Babajide Fashino noted that Nigeria is at the forefront of managing gas-flaring in line with global best practices for economic growth and sustainability.

“This is done with the introduction of metering system and callibration of the meters for accurate records of gas management” he said

According to Fashino, the introduction of such technologies has gone a long way in reducing gas flaring in Nigeria from 40 per cent to mere 7 per cent.

In his remarks, the Chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu noted that in view of the concerted efforts of the current government to shore up the nation’s revenue generation, the gas sector of the economy must be given adequate attention with NUPRC and NOSDRA as regulatory bodies in determining the 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 gas economy including the revenue-monitoring committee of the present administration to salvage the country by coming together to work out proper strategies to convert the gas-flaring to economic use for enhancing revenue generation into the Federation Account.