Nigeria can generate over $1 billion annually from gas if relevant stakeholders exploit the resources adequately, Mr. Elias Mbam, Chairman, Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), disclosed this in Abuja yesterday where he also regretted that Nigeria had not been able to fully utilise the potential.
He lamented the continuous flaring of gas in the country, saying the development was not in the best interest of Nigeria.
“Nigeria is blessed with abundance of gas deposits measuring more than two trillion cubic tonnes, thereby making it the ninth largest country in gas reserves in the world,” he said.
He advised that flared gas could be converted and channelled to enhance the economy and reduce health hazards posed to oil-producing communities due to environmental pollution.
Mbam also disclosed gas economy could be a safety net for the country on account of the current dwindling revenue from oil.
He, however, advocated the need for more development of the gas infrastructure with a view to harnessing more revenues from the sector to the federation account.
It would be recalled that the Federal Government recently inaugurated the Nigeria Gas Transportation Network Code to deepen the growth of gas market in the country.
Chief Timipre Slyva, the Minister of State for Petroleum Resources, disclosed this at the Virtual launch of The Go-Live of the Nigerian Gas Transportation Network code, in Abuja on Monday.
