The Revenue Mobilisation Allocation and Fiscal Commission on Wednesday lamented missed opportunities occasioned by continued flaring of gas in Nigeria.
RMAFC also projected an annual revenue generation of $1bn from gas if the gas sector was properly harnessed.
“Flared gas could be converted and channeled to the economy where more than two million people could be employed,” the RMAFC Chairman, Elias Mbam, stated.
Mbam said this in a statement issued in Abuja on Wednesday by the agency’s Head of Public Communications, Mr Christian Nwachukwu.
The statement was titled ‘RMAFC calls for more commitment to gas economy for more revenue generation to the Federation Account’.
It said, “Mbam believes that in line with the current dwindling revenue from oil, gas economy could be a safe haven for the country.
“He projected that Nigeria could generate more than $1bn annually from the sector if only relevant stakeholders could do the needful.”
He said flared has could be utilised for industrial purposes such as power generation as Nigeria has abundant gas deposits measuring more than two trillion cubic tonnes.
Mbam called for more development of the gas infrastructure with a view to harnessing more revenue from the sector to the federation account.