$1Billion could be Produced from the Gas Sector the Revenue Mobilization, Allocation and Fiscal Commission Reveals in Nigeria
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Around one billion dollars yearly ($1billion) would be reproduced by the Nigeria economy from the Had Sector stated, the Revenue Mobilization, Allocation And Fiscal Commission. Engineer Elias Mbam – the Revenue Mobilization, Allocation, and Fiscal Commission Chairman confirmed in a message published on August 12th, 2020in Abuja. Engineer Mbam pointed out that, the prospects of gas to revenue creation in Nigeria is tremendous and desires to be appropriately influenced.
The Chairman clarified in the statement that, at a time when the accepted economy is encountering weakening earnings from oil, gas economy could be seen as a refuge for Nigeria. He propelled that, Nigeria could produce over $1billion yearly from the sector if appropriate stakeholders could come concurrently to deal with the issue of gas flaring and other restraints to gas utilization. In the petroleum industry, gas flaring exemplifies the loss of raw natural gas when correlated gas is extracted. And this loss may ensue from the ineffective gas extraction process and transportation infrastructure.
The financial inadequate gas flaring is quantified in terms of the lost amount of revenue that could have been reproduced from utilizing the volume of gas glimmered. According to PWC, Nigeria lost an amount of N972 billion between 2015 and 2018 to gas flaring. In this regard, The RMAFC chief in his assertion yelled for more growth of gas infrastructure with a view to confining more revenue from the sector into the federation account.
The statement stated, “The continuous flaring of gas in the country is not for the best interest of the Nation.
“Nigeria as a Nation is blessed with an abundance of gas deposits measuring more than two trillion cubic tons thereby making it to be the 9th largest country in gas reserves in the world. Nigeria has not been able to utilize this. ”
He noted that, against the health risk submitted to the oil-producing communities in Nigeria due to environmental pollution, flared gas in Nigeria could be restored and directed to the economy where more than two million people could be employed while being utilized for industrial purposes such as power generation.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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