Home Business & Economy BudgIT commends NNPC on plan to reduce gas flaring, asks for more...

BudgIT commends NNPC on plan to reduce gas flaring, asks for more transparency

BudgIT commends NNPC on plan to reduce gas flaring, asks for more transparency

COMFORT EKELEME

BudgIT has urged the Nigerian National Petroleum Corporation (NNPC) to be more transparent in its operations, even as it applauds the corporation on the plan to end the prevalent but disadvantageous practice of gas flaring.

The Minister of State for Petroleum, Dr. IbeKachikwu, in 2015 initiated the process of publishing monthly financial and operational reports of the oil giant. However, the reality in the report released so far is an outcry for improved transparency and efficiency.

BudgIT also noticed that NNPC had not published the monthly report in 2018 falling short of openness and accountability.The plan of NNPC to reduce gas flaring would not come at a better time than this, as the menace is not only ravaging lives in the host communities but also costing the economy over $2.5billion annually and yet the economic implications of ending this practice should significantly improve Nigeria’s power generating capacity.

Gas flaring also has significant impacts on the life expectancy of the “working poor” and “have-nots” who struggle to live within these communities.

In a statement signed by its Communication Lead, Abiola Afolabi BudgIT however, welcomes NNPC’s new three-point smart strategy aimed at ending gas flaring in Nigeria but encourages the corporation to release more information about the process, performance metrics, regulations and enabling laws that will aid in the fulfillment of this plan.

BudgIT’s recent publication on gas flaring indicates about 30 million people residing in the Niger Delta are affected by unnecessary gas burning by oil companies in the region.

It is therefore commendable that Dr Maikanti Baru in his speech at the 50th Offshore Technology Conference (OTC) laid out a three-point smart strategy aimed at ending the practice. BudgIT is pleased with NNPC announcement to reduce gas flaring ahead of 2020 flare out deadline by the Department Petroleum Resources (DPR).

We urge the Media, Civil Society Organizations, Oil Companies and the Government to ensure that this laudable initiative is monitored and implemented. It is equally important to see a demonstrable plan with specified timelines of strategy implementation.

While BudgIT acknowledges and commends the Government on the lofty goal of ending gas burning, The Lead partner of BudgIT, Oluseun Onigbinde notes, “We believe the perennial issue of gas flaring can be contained if there’s a political will to implement the declared policies”. We urge the NNPC to release its monthly operational and financial reports to publish the reports for the first quarter of 2018 in line with its transparent, open and accountable practice.

BudgIT believes that Nigerians deserve an oil company that is transparent, accountable and open.

For a better society

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