The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is set to partner the Nigeria Upstream Regulatory Commission ( NUPRC) and Nigerian Oil Spill Detection and Response Agency to boost revenue generation through proper management of gas flaring in line with global best practice.
This is in a bid to arrest huge revenue losses recorded and enhance revenue generation into government coffers.
The RMAFC Chairman, Mohammed Bello Shehu disclosed this during an interactive forum with delegations from NUPRC and NOSDRA recently in Abuja.
Bello noted that in view of the concerted effort 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 quality and quantities of GAS production alongside adherence to environmental standards for host Communities.
Responding, the Director of Economic Regulation and Strategic planning of NUPRC, Mr. Babajide Fashino noted that Nigeria is at the fore front 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 calibration of the meters for accurate records of gas management.
According to Babajide, 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.
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 therefore called on all the relevant stake holders 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 flare to economic use for enhancing revenue generation into the Federation Account.