Reps probe $9.5bn loss to gas flaring annually

The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has inaugurated an Ad hoc Committee to investigate the alleged $9.05 billion revenue loss from gas flaring in the last decade in Nigeria.

Abbas, at the inauguration of the House ad hoc committee on Gas Flaring on Monday, charged the committee to get to the root causes of gas flaring and make recommendations to end the menace.

He said that the probe is an acknowledgement of the urgent need to understand and mitigate the environmental, social, and economic impacts of this practice.

“The task before this ad hoc committee is a very critical one that lies at the heart of the health of our people and economic well-being of our nation.

“You have been charged with the responsibility of investigating, perhaps, one of the most harmful practices in the oil and gas industry in Nigeria.

“Gas flaring and venting have been a significant environmental, economic, health and social concern in our country for many years.

“The flared gas represents lost revenue that could have been generated through its sale or utilisation. Official records indicate that we lose about 2.5 billion dollars annually to gas flaring,” he said.