The Revenue Mobilisation Allocation and Fiscal Commission, (RMAFC) has called for an end to gas flaring, saying if this is converted, it could create two million jobs and boost revenue generation.
RMAFC Chairman, Engr Elias Mbam, in a statement said the practice poses health hazard to oil producing communities.
“Flared gas in Nigeria could be converted and channeled to the economy where more than two million people could be employed while being utilized for industrial purposes such as power generation,” Mbam said.
The RMAFC boss also believed that in line with the current dwindling revenue from oil, gas economy could be a safe haven for the country while projecting that Nigeria could generate over $1 billion annually from the sector if only relevant stakeholders would do the needful.
Engr. Mbam also said Nigeria had over two trillion cubic tons of gas and is the 9th largest country in gas reserves globally.
The call by RMAFC is coming even as economists and other public commentators advocate for a diversified Nigerian economy into agriculture solid minerals, manufacturing and other areas.
Data from the Department of Petroleum Resources (DPR) showed Nigeria’s gas reserves increased by 7.3 percent from 187 trillion cubic feet (tcf) to 200.79 tcf, in 2019. The data show that the Nigeria’s daily gas production stood at 1.2 billion standard cubic feet (scuf) with 41 percent of the daily production exported while 48 percent went to the domestic market, and 11 percent being flared.
According to the National Gas Flare Commercialisation Programme (NGFCP), Nigeria loses approximately $1bn of revenue through gas flaring.