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Nigeria Loses $22.9bn To Gas Flaring In Nine Years, NOSDRA Claims

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As the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) seeks robust partnership with NOSDRA, NUPRC on income generation
Amid disturbing lamentations about depleting revenue accruals, the Nigerian Oil Spill Detection and Response Agency (NOSDRA) says Nigeria lost over $14.6 billion worth of revenue between 2012 and 2021 due to gas flaring.
Additionally, about 8.3 billion dollars was lost in penalties incurred for the wastages, bringing the total lost earnings to over $22.9 billion within the period under review.
NOSDRA’s Director of Information Communication and Technology (ICT), Mrs Margaret Adeshida, made the disclosure at an interactive session her Agency held recently in collaboration with the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and the Nigeria Upstream Regulatory Commission (NUPRC) in Abuja.
Explaining that Nigeria flared more than 4.2 billion standard cubic feet of gas during this period, Mrs Adeshida described the development as unhealthy, noting that it further highlights the need to adequately monetise gas flaring in the country as a huge revenue-yielding venture.
She spoke against the backdrop of the three agencies’ decision to forge a partnership to boost the country’s revenue earnings through effective management of gas flaring activities in line with global best practices.
A statement by the Spokesperson of RMAFC, Mr Nwachukwu Christian quoted the NOSDRA Director as saying; “The country flared more than 4.2 billion standard cubic feet of gas leading to Nigeria’s loss of more than $14.6 billion worth of revenue between 2012 and 2021. This is in addition to $8.3 billion loss in the penalty for the wastage totaling $22.9 billion loss within the same period.”
The statement further amplified the collaborative efforts muted by the RMAFC, NUPRC, and NOSDRA to boost Nigeria’s revenue profile by exploiting its huge gas potential using global best practices as pledged by the RMAFC Chairman, Mohammed Bello Shehu during the interactive forum.
According to the RMAFC boss, all necessary steps would be taken to address disturbing huge revenue losses while also enhancing revenue accruals into government coffers.
He said arising from the current administration’s resolve to shore up the nation’s revenue profile, the gas sector must enjoy priority attention with support for NUPRC and NOSDRA as regulatory bodies to focus on the quality and quantity of gas production, besides adherence to environmental standards within host Communities.
Consequently, the RMAFC Chairman urged all the relevant stakeholders in the country’s gas sector, including the Revenue Monitoring Committee (RMC) set up by the present administration to address the dwindling revenue challenge to synergize in working out effective strategies to convert gas flares into economic use that will enhanced income generation into the Federation Account.
In his intervention, NUPRC’s Director of Economic Regulation and Strategic Planning, Mr Babajide Fashino said Nigeria is currently at the forefront of managing gas flaring in line with global best practices for economic growth and sustainability.
He disclosed that this is done with the introduction of a metering system and calibration of the meters for accurate documentation of gas management records.
For Fashino, adopting these technologies has gone a long way to reducing gas flaring in Nigeria from 40 percent to a mere seven (7) percent over the years.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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