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 Posted: Sat Nov 22, 2008 7:34 am Post subject: Nigeria Seperates Gas Revenue Accounts from Oil |
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Nigeria Seperates Gas Revenue Accounts from Oil
17th Nov.'08
Nigeria has opened a separate revenue account for its huge gas resources to ensure prudent management of earnings from the sector, local media said Saturday, quoting a minister. Junior minister of finance Remi Babalola said that hitherto gas and oil earnings were lumped together in the crude oil account, giving room for massive corruption and fraud.
"The new account will henceforth take care of all revenue from the gas sector as distinct from oil revenue," he said. He said gas had the potential to replace oil as Nigeria's main foreign earnings if fully explored. Nigeria is the seventh world gas producer with about 187 trillion standard cubic feet of proven reserves, but flares off some 2.2 billion scf per day, a world record and more than the domestic need of about 1.4 billion.
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May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm |
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