Thursday, December 4, 2025
26.2 C
Lagos

Business

P+ Measurement Services Sparks Global Dialogue on Outcome-Based Measurement at 2025 AMEC Measurement Month

P+ Measurement Services, Nigeria’s leading independent media intelligence and...

NIPR Institutes Annual PRICE Awards, Fixes 7th Dec for Ceremony

The Nigerian Institute of Public Relations (NIPR) has once...

LASAA Staff Faces Sanctions for Policy Breach after Viral Allegation, Cleared of Fraud

The Lagos State Signage and Advertisement Agency (LASAA) has...

Stanbic IBTC, Zenith, Axa Mansard, Leadway, MTN, GLO Lead Q3 2025 Brand Report

As Nigeria’s media environment continues to evolve, brand sentiment has emerged...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

Stanbic IBTC Capital Clinches 4 Top Honours at AIHN Investment Banking Awards 2025

Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings,...

NGX T+2 Settlement Cycle ‘Goes Live’ Event

L – R: Chinwendu Ekeh, Head, Operations & IT,...

FG Reassures Investors, Pledges Balanced Capital Gains Tax Outcomes as NGX Lists MREIF

Nigerian Exchange (NGX) today hosted the Minister of Finance...

Nigerian Stocks Present Buying Opportunities as Market Sheds N2.8trn

Nigeria's equities market closed last week ending November 7...

NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

Nigerian Exchange Limited (NGX) has reaffirmed its leadership in...

Insurance

SanlamAllianz Nigeria Wins .NG Insurance Website of the Year 2025

SanlamAllianz Nigeria's website/portal, www.sanlamallianz.com.ng, has been adjudged winner of...

Leadway Assurance, AGRA, NADF, Verdure Climate Advance Agric Insurance Solutions

Leadway Assurance, one of Nigeria's leading insurance providers, has...

AIICO Launches All-in-One Financial Protection for Nigeria’s Underserved Population

L-R: Mr. Mike Eko – (Novus Agro Limited) Mr. Oluwatosin...

Sovereign Trust Insurance Secures Board’s Approval to Raise N5bn Capital

Sovereign Trust Insurance Plc notifies its shareholders and the...

Insurers Support Partnership with State Govts to Drive Insurance Penetration in Nigeria

The insurance community in Nigeria is poised to upscale...

Business

P+ Measurement Services Sparks Global Dialogue on Outcome-Based Measurement at 2025 AMEC Measurement Month

P+ Measurement Services, Nigeria’s leading independent media intelligence and...

NIPR Institutes Annual PRICE Awards, Fixes 7th Dec for Ceremony

The Nigerian Institute of Public Relations (NIPR) has once...

LASAA Staff Faces Sanctions for Policy Breach after Viral Allegation, Cleared of Fraud

The Lagos State Signage and Advertisement Agency (LASAA) has...

Stanbic IBTC, Zenith, Axa Mansard, Leadway, MTN, GLO Lead Q3 2025 Brand Report

As Nigeria’s media environment continues to evolve, brand sentiment has emerged...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

Stanbic IBTC Capital Clinches 4 Top Honours at AIHN Investment Banking Awards 2025

Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings,...

NGX T+2 Settlement Cycle ‘Goes Live’ Event

L – R: Chinwendu Ekeh, Head, Operations & IT,...

FG Reassures Investors, Pledges Balanced Capital Gains Tax Outcomes as NGX Lists MREIF

Nigerian Exchange (NGX) today hosted the Minister of Finance...

Nigerian Stocks Present Buying Opportunities as Market Sheds N2.8trn

Nigeria's equities market closed last week ending November 7...

NGX Reaffirms Leadership in Advancing Africa’s Islamic Finance Ecosystem

Nigerian Exchange Limited (NGX) has reaffirmed its leadership in...

Insurance

SanlamAllianz Nigeria Wins .NG Insurance Website of the Year 2025

SanlamAllianz Nigeria's website/portal, www.sanlamallianz.com.ng, has been adjudged winner of...

Leadway Assurance, AGRA, NADF, Verdure Climate Advance Agric Insurance Solutions

Leadway Assurance, one of Nigeria's leading insurance providers, has...

AIICO Launches All-in-One Financial Protection for Nigeria’s Underserved Population

L-R: Mr. Mike Eko – (Novus Agro Limited) Mr. Oluwatosin...

Sovereign Trust Insurance Secures Board’s Approval to Raise N5bn Capital

Sovereign Trust Insurance Plc notifies its shareholders and the...

Insurers Support Partnership with State Govts to Drive Insurance Penetration in Nigeria

The insurance community in Nigeria is poised to upscale...

Nigeria Loses N2.5bn to Gas Flaring Yearly

BudgIT advises the Nigerian government against the effects of gas flaring, which continues to contribute to irreversible environmental degradation, posing hazards to human health and loss of revenue in the country.

Although, we observed some progress in the fight against routine gas flaring over the last 20 years, analysis by BudgIT’s Extractives team revealed the volume of gas produced increased by 91.13% while the volume of gas flared reduced by only 38.06% between 2001 and 2016.

This implies that oil companies invested more money in gas production activities and are less concerned about sufficiently investing in technologies and infrastructure to control gas flaring.

Research revealed that Nigeria has a potential for the consumption of un-flared gas. BudgIT urges all stakeholders to commit towards putting in place the supply-framework, infrastructure and market systems necessary for un-flared gas to reach its end users needs.

BudgIT urges the government to explore existing technologies and strategies to reduce the amount of gas flared into the atmosphere, though, some irresponsible oil companies are unwilling to make the investment necessary to deploy the right technologies and infrastructure in Nigeria.

Also, the guiding legal framework for deterring gas flaring must be reviewed to prevent companies from taking advantage of inherent loopholes.

Quoting the Finance Minister, Kemi Adeosun: “In current documents that cover the gas flaring penalty, the penalty was drafted as a charge. A charge is tax deductible; so when international oil companies flare the gas, they pay the charge on which they get tax relief.”

BudgIT Team visited communities in the Niger Delta in April 2017 and observed several cases of gas flare near residential neighbourhoods, specifically Polaku and Ogu communities in Bayelsa and Rivers States respectively. The effects of gas flaring are not limited to deformity in children, lung damage, pneumonia, asthma, bronchitis, blood disorders and a host of other fatal health conditions.

According to the Oluseun Onigbinde, BudgIT’s Lead Partner, “BudgIT is calling on the Federal Government to muster the political will necessary to execute Nigeria’s gas master plan and to enforce regulations aimed at tangibly achieving Zero Routine Gas Flaring. Also, proceeds from gas flare penalties can be channelled towards funding health-related research in the Niger Delta region, to protect the residents and improve their living conditions.”

About BudgIT

BudgIT is a civic organisation that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change. A pioneer in the field of social advocacy melded with technology, BudgIT uses an array of tech tools to simplify the budget and matters of public spending for citizens, with the primary aim of raising the standard of transparency and accountability in government.

Hot this week

Stanbic IBTC Capital Clinches 4 Top Honours at AIHN Investment Banking Awards 2025

Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings,...

Emirates Gets African Travel Gold Award as Nigeria Launches “Culture Meter Index”

Paulos Legesse, Emirates Nigeria Country Manager welcoming welcoming the...

Fidelity Bank Receives Customs Service Award for Pioneering Role in UCMS Implementation

L – R: Head, Central Collections Unit, Olaide Adeyemo;...

SanlamAllianz Nigeria Wins .NG Insurance Website of the Year 2025

SanlamAllianz Nigeria's website/portal, www.sanlamallianz.com.ng, has been adjudged winner of...

Leadway Assurance, AGRA, NADF, Verdure Climate Advance Agric Insurance Solutions

Leadway Assurance, one of Nigeria's leading insurance providers, has...

Topics

Entrepreneurship: The Lonely Road to Sustainable Financial Future

Entrepreneurship is a lonely path. It is a lonely road of earthly bumps, spikes, leaking wallet and sweet sweat at the end of the rough road. It is not a calling for every man or woman. It is a path set aside for a select crop of men and women set aside for that purpose. At a time of growing unemployment and dwindling oil revenue as a result of falling oil prices in the international market, it is time to raise greater awareness on the importance and benefits of entrepreneurship towards sustainable financial future.

Nigeria’s Hotel Sector to Witness Highest Growth Rate in 5 Years – PwC

Africa’s hotel sector has the potential for further growth...

Will Africa Passport Enhance African Trade?

“We must eventually move to the Africa passport that...

Linkage Assurance Gross Written Premium up 16% to N12.98bn in 2022

Amidst tough operating environment in the 2022 financial year,...

Sovereign Trust Insurance Takes Career Counselling to Igbobi College

L-R Oritselaju Ejuomah, Adeleye Abolade, Folusho Opeodu, Chioma Obiedo, Abigael...

NIA Chairman, Kunle Ahmed, Unveils 5-Point Agenda to Drive Market Growth

Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA) has...

Danbatta: Telecom Sector is Key to Digital Economy

Professor Umar Danbatta, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC)...

European Watchdog Urges Re/Insurers to Suspend Dividend During COVID-19

  The European regulator has urged re/insurers to temporarily suspect...
Exit mobile version