A report by The Tide’s source has revealed that the Federal Government lost an estimated $16trillion to natural gas flaring in 10 years.
The Energy Institute’s 72nd edition of the “Statistical Review of World Energy 2023” said the amount was lost from 2012 to 2022.
A breakdown of the statistics showed that upstream and downstream oil and gas firms operating in the country flared the highest amount of gas in 2012, estimated at 12.9 billion cubic metres of natural gas, 9.2 billion cubic metres in 2013, 8.3 billion in 2014, and 7.5 billion cubic metres in 2015.
The flare kept decreasing as the year rolled by, with 7.2 billion cubic metres flared in 2016.
Flaring, again, rose to 7.5 billion cubic metres in 2017, before plummeting to 7.3 billion cubic metres in 2018, and then rose to 7.8 billion cubic metres in 2019.
It dropped significantly to 7 billion cubic metres in 2020, dropping further to 6.5 billion cubic metres in 2021, before resting at 5.3 billion cubic metres in 2022.
Summation of gas flared by the country in the 10 years under review gives an estimated 86.5 billion cubic metres.
According to the Hebrew Energy, value for each 1 billion cubic metres of natural gas is worth about $183m, giving an estimated $16tn lost to the menace within the period under review.
The government through former President Muhammadu Buhari had in 2020 pledged support to the United Nations 2050 zero gas emission agenda.
Buhari, however, said Nigeria would put a final stop to gas emission latest by 2060.
In line with the drive to end gas emission, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in October, said FG had granted 42 firms gas flaring licenses in the 2022 Nigerian Gas Flare Commercialisation Programme auction process.
The Commission also said 38 of the companies have been awarded 40 flare sites for standalone single flare site development, while four are awarded nine sites to be developed as clusters.
As a form of penalty for gas flaring, NOSDRA said oil companies were liable to fines totaling $25.3m in July, an equivalent of N19.4bn going by the Central Bank of Nigeria’s current official exchange rate of N768.77/$.
Chief Executive, the NUPRC, Engr Gbenga Komolafe, said, “The wasteful disposal of natural gas is not only fraught with deleterious health/ environmental consequences but also a major source of resource waste and value erosion to the country”.
According to him, the Nigerian Gas Flare Commercialisation Programme will attract investments, and develop a transparent market mechanism through a competitive procurement process for allocating gas flares, under clear and transparent criteria to competent third-party investors using proven technologies in commercial applications globally.
Senate Confirms Cardoso, 11 Others As Monetary Policy Committee Members
The Senate has confirmed the nomination of Olayemi Cardoso as the chairman of the Monetary Policy Committee of the Central Bank of Nigeria.
Also confirmed for appointment as members of the MPC yesterday, include, Muhammad Abdullahi, (CBN deputy governor), Bala Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission) and Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance).
Others are Murtala Sabo Sagagi (CBN director) Aloysius Ordu, Aku Odukemelu, Mustapha Akinwunmi, and Bamidele Amoo.
President Bola Tinubu had on Wednesday named Cardoso as the chairman and 11 others as members of the MPC.
Tinubu in his letter of nomination to the Senate, said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria Act 2007.
The President had about a week ago asked the Senate to confirm Cardoso, as the chairman of the Monetary Policy Committee of the apex bank.
CBN MPC will hold its first policy meeting for the year on February 26 and 27.
The Senate had , on Wednesday, screened the nominated members of the CBN Monetary Policy Committee, questioning them on the lingering foreign exchange and food crises.
‘Unemployment Rate Hit 0.8% In 2023 Q3’
The unemployment rate in Nigeria rose by 0.8percent in the third quarter of 2023.
According to the National Bureau of Statistics (NBS), this was a significant rise, adding that the unemployment rate rose from the 4.2percent recorded in Q2 2023 to 5.0 percent in Q3 2023.
The NBS, the custodian of official statistics in the country, disclosed this in a report it published last Monday titled “Nigeria Labour Force Survey Q3 2023”.
“The employment-to-population ratio was 75.6 percent in Q3 2023 with a decrease of 1.5 percent compared to a ratio of Q2 2023.
“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3percent in Q3 2023 from 15.5percent in Q2 2023.
“About 87.3 percent of workers were self-employed in Q3 2023. The proportion of workers in Wage Employment in Q3 2023 was 12.7 percent.
“The unemployment rate increased significantly in Q3 2023 at 5.0 percent. This is an increase of 0.8 percent from Q2 2023.
“The rate of unemployment among persons with post-secondary education was 7.8 percent in Q3 2023”, the report stated in part.
It added that the unemployment rate for youth between the ages of 15 and 24 years was recorded at 8.6 per cent in Q3 2023 while the informal employment rate in Q3 2023 was 92.3 per cent.
The report added, “The unemployment rate in urban areas was 6.0 percent percentin Q3 2023, a slight increase of 0.1 percent from Q2 2023.
“Time-related underemployment in Q3 2023 was 12.3 percent, showing a slight increase of 0.5 percent from the rate recorded in Q2 2023. This shows an increase of 1.4 percent compared to the rate in Q4 2022.
“4.1percent of the working-age population was in subsistence agriculture in Q3 2023. Informal employment rate in Q3 2023 was 92.3percent, while Q2 2023 was 92.7percent.
“Percentage of youth Not in Employment, Education or Training was 13.7percent in Q3 2023”.
Recall that Nigeria’s inflation rate last Thursday climbed to 29.90 per cent in January 2024 from 28.92 per cent recorded in the previous month.
The 0.98 percent increase shows that the inflation rate in the country is yet to slow down.
The NBS revealed this in its ‘Consumer Price Index’
The development adds more pressure on the Central Bank’s monetary policy committee to sharply raise interest rates at a February 26-27 meeting its first in seven months.
Merchant Navy Lauds NIWA Over Staff Welfare
The Nigerian Merchant Navy Officers and Water Transport Senior Staff Association (NMNO/WTSSA) has expressed optimism that the Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, will prioritise workers welfare for optimal performance of the agency.
Jibril Darda’u, General Manager, Corporate Affairs, NIWA, in a statement over the weekend, disclosed that the seafarers’ union’s remarks are one of the highlights of the meeting between the Trade Union Congress (TUC) affiliate group and management of the agency.
The statement quoted the Chairman of the NMNO/WTSSA, Comrade Suleiman Danjuma, as commending the Managing Director of NIWA for the good initiative of the kind of interaction that brings the staff closer to the management.
“This will definitely boost the morale of the staff and pledge their loyalty and confidence in the Managing Director’s leadership style”, Danjuma stated.
Earlier, the Managing Director of NIWA promised to build on the progress already achieved at the Lokoja River Port, Kogi State.
The MD disclosed this when he went on a familiarisation tour of NIWA’s facilities in Lokoja.
According to the MD, the importance of Lokoja River Port being in the confluence State is to boost the economic viability of the State and Nigeria at large.
“We are here for facility tour to see for ourselves what is on ground at Jamata Port, Lokoja. It is important we come here to assess the facilities to see, at least, how we can move the facilities forward”, he stated.
Recall that in continuation of his familiarisation tour, the Managing Director’s visited the NIWA Lokoja Area office to inspect the Dockyard facilities.
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