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Recession: Time To Draw Maximum Benefit From Gas – Dogara

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As
part of the commitments of the House of Representatives to open up more
revenue sources for Nigeria through legislative tools, it has organised
a public hearing on bills that focus on how to boost and explore gas
utilisation for revenue generation and accelerate private investment in
the product.
Declaring
the public hearing open at the National Assembly, Speaker of the House
of Representatives, Mr Yakubu Dogara, who was represented by the
chief whip, Mr Alhassan Ado Doguwa, 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.

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Mr Dogara
also explained that the Bills 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.
 “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.
The gas sector of the Nigerian economy has
despite several commercial efforts failed to yield its value chain
benefits. The laws in place in Nigeria have continued to make crude oil
production the corner stone of the country’s petroleum sector
development, with inadequate focus on gas production. This misnomer is
quite understandable in view of the fact that at the time of developing
the Nigerian petroleum sector, global interest in crude oil production
and utilisation far outweighed gas utilization. Indeed, gas was treated
as waste. It has even still continued to be flared,” he eluciated.

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