Gas flaring: Nigeria's revenue deficit hits N167bn in one year

loses 3,500MW power generationThe revenue deficit suffered by Nigeria on gas flaring hit $850 million in one year as local and International Oil Companies (IOCs) sent 330 billion cubic feet of gas up in flames in 2015. Using N196 to a dollar official average exchange rate by the Central Bank of Nigeria (CBN) in 2015, the loss amounted to N166.6 billion. The Department of Petroleum Resources (DPR), an agency entrusted with Nigeria's oil and gas data, revealed that the country's gas flaring index also led to the loss...The post Gas flaring: Nigeria's revenue deficit hits N167bn in one year appeared first on New Telegraph Newspapers.
Click here to read full news..