The Chairman of the House Committee on Gas, Hon. Nicholas Mutu (PDP, Delta) has said that current estimates by PricewaterhouseCoopers show that the nation loses over $750 million in annual revenue from flared gas.
Mutu disclosed this Monday in Abuja at a public hearing organised by the joint committee on gas resources, environment and climate change committees of the House.
He said the gas that is being flared is feedstock for other industries, which if properly harnesses would stimulate economic growth, create jobs and provide income for midstream companies and ear revenue for government through taxes.
He commended the Federal Government for the 2018 gas flare regulation, which imposes the penalty of $2.00 per million standard cubic feet of gas flared.
“Still, we would like to stress the need for compliance with the provisions of the penalty regime. Since the gas flare regulation was released in 2019, this committee ha received reports on flare volume discrepancies.
“As part of our legislative oversight, therefore, we hope to work with stakeholders to deploy an early warning mechanism to track gas flare volumes; and to ensure that penalties are correctly paid for gas flared.”
New Telegraph
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