OpeOluwani AkintayoAlthough Nigeria’s gas flare rate has been decreasing over the years, the country still has a long way to go to attain net zero by 2060.Nigeria is currently cash-strapped as it continues to struggle to meet its financial obligations. The country plans to borrow N11 trillion to fund the N21.83 trillion budget for this year. This is over half of the entire 2023 budget. Despite battling a cash crunch, the country has wasted N9tn revenue through gas flaring in the last 10 years.
In 2013, 9.3 billion standard cubic feet of gas were flared into the environment, 2014, 8.4 billion, 2016, 7.3 billion, 2017, 7.7 billion, 2018, 7.5 billion, 2019, 7.9 billion, 2020, 7.2 billion, and in 2021, 6.6 billion cubic metres of gas was flared, according to World Bank. Meanwhile, an analysis of the data showed that the country has successfully cut the volume of gas it flared in last three years.In 2021, 7,177.53 million standard cubic feet of natural gas were produced on average per day, with the majority exported as liquefied natural gas. In 2020, the total production volume of natural gas in Nigeria was around 52 billion cubic meters. This was an increase compared to the previous year.
Apart from 2022 and 2020 when the country had the highest national budgets of N17.1tn and N10tn respectively, other years’ budgets from 2012 were in the range of between N4tn, N7tn, N8tn, and N9tn. According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet of gas in the first half of 2022, leading to a loss of $441.2 million, in the six-month period.
Giving a breakdown of the gas flared in the country in the first six months of 2022, the agency disclosed that while companies operating in the offshore oilfields flared 62.2 billion SCF of gas, companies operating onshore flared 63.9 billion SCF of gas, valued at $223.6 million.
Nigeria… will always do the wrong thing in relation to indigenous peoples because it's a structure not made by them... NINASisRight NINASPlanIsTheAnswer WeStandWithNINAS TransitionNow EndSARS
Nigeria cash-strapped struggle 2 meet its financial obligations. plans 2 borrow N11T to fund d N21.83T. Half of d entire 2023 budget. Despite, Nigeria has wasted N9T revenue through gas flaring in d last 10 years. We chose Dwarfism instead of growth cos of tribe. Soak bread oh
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