The House said NOSDRA should include both local and international oil companies, so that outstanding debts would be fully recovered.
Munir noted that Nigeria was blessed with vast oil and natural gas resources but due to inadequate management of resources, most of the natural gas was flared.
The lawmaker cited a NOSDRA which stated that in 2022, Nigeria flared 216.5 billion standard cubic feet of gas in about 11 months despite its commitment in November 2021 to reach net zero by 2060. He quoted the report to have stated that 12 million tonnes of CO2 were emitted into the atmosphere, thus contributing to global warming, while useful natural gas valued at $0.79bn was burned by the Nigerian oil and gas industry equivalent to the value of $450m, many of which were said not to be collected.
Munir said, “The House is concerned that in 2022, 22,500 gigawatts hours of potential power generation went to waste, equivalent to the annual electricity use of 511 million Nigerian citizens.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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