The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has said that the economy could generate over $1billion annually from gas sector.
Chairman of RMAFC Engr Elias Mbam said this in a statement on Wednesday in Abuja.
Mbam noted that the potentials of gas to revenue generation in Nigeria is enormous and needs to be properly exploited.
He explained that at a time when the global economy is experiencing dwindling revenue from oil, gas economy could be seen as a safeguard for Nigeria.
The RMAFC boss projected that Nigeria could generate over $1billion annually from the sector if relevant stakeholders could come together to address the issue of gas flaring and other constraints to gas utilisation.
In the petroleum industry, gas flaring represents the loss of raw natural gas when associated gas is extracted.
This loss may result from inadeqaute gas extraction process and transportation infrastructure.
The economic effect of gas flaring is quantified in terms of the lost amount of revenue that could have been generated from utilizing the volume of gas flared.
According to PWC, Nigeria lost a whooping sum of N972bn between 2015 and 2018 to gas flaring.
Nigeria can generate over $1bn annually from gas—RMAFC
