National Economy
Friday, September 29, 2023
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

RMAFC To Partner Petroleum Stakeholders On Proper Gas Flaring Management

by Olushola Bello
2 weeks ago
in Business, News
Reading Time: 2 mins read
RMAFC
Share on FacebookShare on TwitterShare on Telegram

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), is seeking partnership with key petroleum stakeholders, to effectively manage gas flaring in Nigeria.

RMAFC spokesperson, Mr Christian Nwachukwu, who disclosed in a statement on Monday in Abuja, said the aim was to boost the country’s revenue profile.

Nwachukwu said that the commission made the proposal when it received delegates from the Nigeria Upstream Regulatory Commission ( NUPRC), and the Nigerian Oil Spill Detection and Response Agency (NOSDRA).

The spokesman said that RMAFC chairman, Mr Bello Shehu, had told the delegation that the commission’s aim was to ensure that such gas flaring management measures were in line with global best practices.

You May Like

Alive & Thrive Trains Health Officers On NHMIS Tools In Lagos

Entrepreneur, Renowned Sustainability Expert, Prof. Gunter Pauli, Visits Nigeria

Shehu said that the collaboration was an effort to stop the huge revenue losses recorded by the country, and to increase revenue for Nigeria.

He said that in view of the concerted efforts by the current administration to shore up the country’s revenue, the gas sector of the economy must be given adequate attention.

He expressed optimism that this was achievable with NUPRC and NOSDRA, as the regulatory bodies saddled with the responsibility of determining quality and quantity of gas production, and also adherence to environmental standards.            

The RMAFC boss further called on all relevant stakeholders in the petroleum and gas sector, including the federal government Revenue Monitoring Committee,  to proffer effective strategies that would convert gas flaring for economic gains.

NUPRC’s director of economic regulation and strategic planning, Mr Babajide Fashino, on his part, said that Nigeria was at the forefront of managing gas flaring in line with global best practices for economic growth and sustainability.

Fashino said that this had been achievable through the introduction of metering system and calibration of the meters for accurate records of gas management.

According to him, the introduction of such technologies have gone a long way in reducing gas flaring in Nigeria from 40 per cent to seven per cent.

In her remarks, Mrs Margaret Adeshida, NOSDRA’s ICT Director, said that there was need for proper monitisation of gas flaring in Nigeria.

Adeshida said Nigeria flared more than 4.2 billion standard cubic feet of gas, which led to the country’s loss of more than 14.6 billion dollars in revenue, between 2012 and 2021.

She said this was in addition to the 8.3 billion dollars loss in penalty for the wastage, summing up to 22.9 billion dollars loss within the same period under review. 

 

Tags: RMAFC
ShareTweetShare
Previous Post

We Are Paving Way For Tech’s Brightest Future Using XPLORE, Says Light Ihesiulo, CEO, Lognetics

Next Post

Rate Convergence: ABCON Urges CBN To Grant BDCs Digital Autonomy

ANOTHER GOOD READ

Alive & Thrive Trains Health Officers On NHMIS Tools In Lagos
News

Alive & Thrive Trains Health Officers On NHMIS Tools In Lagos

1 day ago
Entrepreneur, Renowned Sustainability Expert, Prof. Gunter Pauli, Visits Nigeria
News

Entrepreneur, Renowned Sustainability Expert, Prof. Gunter Pauli, Visits Nigeria

2 days ago
IHS Towers Wins Big In Tech Innovation Awards 2023
News

IHS Towers Wins Big In Tech Innovation Awards 2023

3 days ago
Green Energy: Huawei Digital Power Restates Commitment To All Industries
Business

Green Energy: Huawei Digital Power Restates Commitment To All Industries

4 days ago
‘Oil To Play Key Role For More Decades’
Business

‘Oil To Play Key Role For More Decades’

4 days ago
Rack Centre Wins Next Bulls Award At 2023 Top 25 CEOs Awards
News

Rack Centre Wins Next Bulls Award At 2023 Top 25 CEOs Awards

4 days ago
Next Post
Rate Convergence: ABCON Urges CBN To Grant BDCs Digital Autonomy

Rate Convergence: ABCON Urges CBN To Grant BDCs Digital Autonomy

Most Recent

Alive & Thrive Trains Health Officers On NHMIS Tools In Lagos

Alive & Thrive Trains Health Officers On NHMIS Tools In Lagos

September 28, 2023
Entrepreneur, Renowned Sustainability Expert, Prof. Gunter Pauli, Visits Nigeria

Entrepreneur, Renowned Sustainability Expert, Prof. Gunter Pauli, Visits Nigeria

September 27, 2023
IHS Towers Wins Big In Tech Innovation Awards 2023

IHS Towers Wins Big In Tech Innovation Awards 2023

September 26, 2023
Dire Consequences Of Climate Change In Nigeria

Dire Consequences Of Climate Change In Nigeria

September 25, 2023
Closing Nigeria’s Infrastructure Gap: Still A Long Walk

Closing Nigeria’s Infrastructure Gap: Still A Long Walk

September 25, 2023
How Oil Firms, Others Owe Govt  $9.85bn – Report

How Oil Firms, Others Owe Govt $9.85bn – Report

September 25, 2023
Experts List Factors For Nigeria’s Economic Growth

Experts List Factors For Nigeria’s Economic Growth

September 25, 2023
Contaminated Jet A1: NCAA Uncovers 4 Unlicensed Suppliers

Contaminated Jet A1: NCAA Uncovers 4 Unlicensed Suppliers

September 25, 2023
Advertise with us

© 2022 | National Economy | Part of Leadership Media Group

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2022 | National Economy | Part of Leadership Media Group