By Tony Obiechina, Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is to partner with the Nigeria Upstream Regulatory Commission ( NUPRC) and Nigerian Oil Spill Detection and Response Agency (NOSDRA) to boost revenue generation through proper management of gas flaring line with global best practice.
The move, according to RMAFC Chairman, Mohammed Bello Shehu is aimed at arresting huge revenue losses being recorded and enhance revenue generation into government coffers.
Shehu who disclosed this during an interactive forum with delegations from NUPRC and NOSDRA in Abuja, noted that in view of the concerted effort of the current government to shore up the Nation”s generation, the GAS sector of the economy must be given adequate attention.
According to him NUPRC and NOSDRA are regulatory bodies in determining quality and quantities of gas production alongside adherence to enviromental standards for host Communities.
Responding, the Director of Economic Regulation and Strategic planning of NUPRC, Mr. Babajide Fashino stated that Nigeria is at the fore front of managing gas flaring in line with global best practices for economic growth and sustainability.
This he said is done with the introduction of metering system and callibration of the meters for accurate records of gas management, adding that the introduction of such technologies has gone a long way in reducing GAS FLARING in Nigeria from 40%to mere 7%.
Earlier, the Director of ICT in NOSDRA, Mrs. Margaret Adeshida underscored the need for proper monitisation of gas flaring in Nigeria, noting that 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 dollars worth of revenue between 2012 and 2021. READ ALSO:
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This is in addition to 8.3 billion dollars loss in penalty for the wastage totalling 22.9 billion dollars loss within the same period.
Mohammed Shehu called on all the relevant stake holders in the management of gas economy including the re monitoring Committee of the present administration to salvage the Country by coming together to work out proper strategies to convert the gas flare to economic use for enhancing revenue generation into the Federation Account.
