The House of Representatives is exploring gas utilisation for revenue generation and to accelerate private investment in the gas sector as part of its commitments to open up more revenue sources for Nigeria.
Speaker House of Representatives, Yakubu Dogara stated this at a public hearing on bills that focus on how to explore the potentials of the country’s gas sector.
Represented by the chief Whip, Alhassan Ado Doguwa, the Speaker said the proposed legislation will help to create an enabling legislative order in which gas shall no longer be a footnote of crude oil with the attendant overriding benefits to the Nigerian economy.
He stated that “Presently, Nigeria has a proven gas reserve of about 187 trillion cubic feet and with the global drive towards the use of cleaner fossil fuel (gas), we must do everything possible to draw maximum benefits from the emerging gas economy and the global trend on gas resources. Today, the establishment of fertilizer plants, utilization of gas for electric power production and for several significant economic purposes has tremendously heightened interest in gas production.”
The Rep Speaker, Dogara, said the Bill seek to establish the much needed legislative framework to free up Nigeria’s gas deposits from the overarching concentration on crude oil production at the detriment of gas production and are expected to propel the country to give gas development, production and marketing its pride of place.
He said “If these Bills are eventually enacted into law, they will help create the enabling legislative order in which gas shall no longer be a footnote of crude oil with the attendant overriding benefits to the Nigerian economy.”