Thelma Osatohanmwen
The Executive Secretary of the Nigerian Extractives Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya, has said that Nigeria is grappling with an unpaid gas royalty of $559.8 million and an unpaid gas flare penalty of $828.8 million.
This was revealed during the 2nd German-Nigerian Symposium on Green Hydrogen in Abuja.
NEWSTODAYNG gathered that, despite Nigeria’s position as a major global gas producer, the ongoing challenge of gas flaring poses dangers and hinders the country’s efforts to implement its Decade of Gas agenda.
The unreconciled figures from the 2021 NEITI report indicate significant amounts of flared gas without corresponding payments, impacting global zero emissions initiatives.
The issue of gas flaring has been a persistent problem in Nigeria, with the Speaker of the Federal House of Representatives revealing an annual loss of $2.5 billion in July 2023.
The ongoing challenges underscore the importance of addressing the engagement of all parties involved in gas flaring activities and investigating fines and proceeds management.
The 2nd German-Nigerian Symposium on Green Hydrogen emphasized the potential of green hydrogen to revolutionize Nigeria’s energy landscape, offering a pathway to reduce carbon emissions and diversify energy sources.
The Minister of Gas, Ekperikpe Ekpo, expressed Nigeria’s commitment to achieving Net Zero Emission by 2060, highlighting hydrogen as a vital element in decarbonizing the energy sector.
Ambassador Annett Günther, representing Germany, affirmed the commitment of both countries to drive hydrogen production and utilization.