The Director General, Budget Office of the Federation, Ben Akabueze, disclosed this in a presentation where he highlighted the revenue measures taken by the government to manage the resultant budgetary pressure from the coronavirus crisis and the oil price slump.
According to the revised payment regime for gas flaring, oil firms producing 10,000 barrels of oil or more per day will pay $2 per 1,000 standard cubic feet of gas, compared to N10 per 1,000 scf in the past. The PUNCH reported in February that oil and gas firms operating in the country flared a total of 225.81 billion scf of gas from January to November 2019, according to data from the Nigerian National Petroleum Corporation.
It said a total of 3,128.57 billion scf of gas was produced from January 2019 to January 2020, with an average gas flare rate of 8.46 per cent i.e. 671.40 million scf per day.
So the Federal Government will penalise itself for flaring gas and destroying the Niger Delta habitat? It owns 60 percent of the JVAs in the oil industry, I suppose.
🙄🙄
I hope you guyz are serious this time...
How much is Nigeria targeting from the conversion of the gas?
Why not enter a compromise with those companies on gas management rather than waiting for them to fault so you gain extra potential loot funds
How much is Nigeria targeting from the utilisation of the gas?
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