The Senate says Nigeria is losing $25 billion annually due to gas flaring and lack of gas utilisation infrastructure.
Chairman, Senate Committee on Gas, Senator Bassey Akpan, disclosed this in Abuja at a one-day public hearing on the Gas Flaring Prohibition Bill 2017 organised by the committee.
He stated that as a result of unsustainable exploration and production practices as well as lack of gas utilisation infrastructure, a considerable volume of the gas produced in association with oil is flared.
He said: “This has reportedly costs Nigeria over $25bn annually as well as contributing to air pollution, heat, rainforest damage and climate change.
“In the more than 1,000 oil fields located across the country, the towering flames resulting from gas burning now seem to the local villagers as an inevitable consequence of oil production.”