Uche Usim, Abuja
With the vulnerability of crude oil reaching scary levels in recent times, the Revenue Mobilization, Allocation And Fiscal Commission (RMAFC) has advised the government to explore gas derivatives which could generate over $1bn annually into the government’s purse.
The RMAFC Chairman, Mr Elias Mbam said this on Wednesday in Abuja.
According to him, Nigeria is blessed with huge gas deposits, which could be a great money spinner, if properly harnessed, rather than flared.
He thus called for a strategic gas exploration and development blueprint for the gas sector.
According to Mbam, “the continuous flaring of gas in the country is not for the best interest of the nation.
“In his view, Nigeria as a nation is blessed with an abundance of gas deposits measuring more than two trillion cubic tons thereby making it to be the 9th largest country in gas reserves in the world.
“Nigeria has not been able to utilize this. Against the health hazard posed to the oil producing communities in Nigeria due to environmental pollution, flared gas in Nigeria could be converted and channeled to the economy where more than two million people could be employed while being utilized for industrial purposes such as power generation”.
Mbam believes that in line with the current dwindling revenue from oil, gas economy could be a safe haven for the country if only relevant stakeholders could do the needful as stated.