Economy
Nigeria Loses N184.5bn to Gas Flaring in Six Months
By Adedapo Adesanya
The possibility of Nigeria boosting its earnings by N183.54 billion at a time it is witnessing a decline in revenue was lost as oil and gas companies operating in the country wasted 126 billion standard cubic feet (SCF) of gas in the first half of 2022.
According to a report obtained from the National Oil Spill Detection and Response Agency (NOSDRA), the gas was burnt off in the course of the oil production process in six months.
The agency lamented that gas has been flared in Nigeria since the 1950s, releasing carbon dioxide and other gases into the atmosphere, serving as a continuing source of environmental and health concerns in the Niger Delta, despite efforts to reduce it.
The oil spill watchdog noted that the volume of gas flared in the six-month period was equivalent to carbon dioxide (CO2) emission of 6.7 million tonnes in the oil-producing areas, capable of generating 12,600 gigawatts hours of electricity; while the companies were expected to pay penalties of $252.1 million, about N104.87 billion, which are hardly paid.
In comparison, NOSDRA reported that the gas flared in the month under review was 4.56 per cent higher than the 120.5 billion SCF of gas flared in the second half of 2021, valued at $421.8 million, about N175.47 billion.
The gas flared between July and December 2021 also attracted penalties of N241 million, an equivalent of N100.26 billion; has a power generating potential of 12,100 gigawatts hour; and saw an equivalent of 6.4 million tonnes of CO2.
Furthermore, NOSDRA added that the volume of gas flared in the first half, according to the agency, represented a decline of 9.87 per cent, compared with the 139.8 billion SCF of gas flared in the same period in 2021, valued at $489.4 million, about N203.59 billion.
The quantity of gas flared in the first six months of 2021, was capable of generating 14,000 gigawatt-hour of electricity; was equivalent to 7.4 million tonnes of CO2; while the companies were liable for penalties of $279.7 million, about N116.36 billion.
Giving a breakdown of the gas flared in the country in the first six months of 2022, NOSDRA disclosed that companies operating in Nigeria’s offshore oilfields flared 62.2 billion SCF of gas, valued at $217.6 million; equivalent to 3.3 million tonnes of CO2 emissions; capable of generating 6,200 gigawatts hour of electricity, with penalties payable at $124.3 million.
On the other hand, the oil spill agency reported that companies operating onshore flared 63.9 billion SCF of gas, valued at $223.6 million, with penalties payable at $127.8 million; equivalent to 3.4 million tonnes of CO2 emissions, and has power generation capable of 6,400 gigawatts hours.
By Adedapo Adesanya
President Bola Tinubu has signed the 2026 Appropriation Bill into law, authorising an aggregate expenditure of N68.32 trillion for the current fiscal year.
He also signed a separate bill extending the implementation period of the 2025 budget from March 31 to June 30, 2026.
The budget allocates N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It further sets aside N15.4 trillion for recurrent expenditure and N32.2 trillion for capital expenditure through the Development Fund.
In a statement signed by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Friday, it was that, “The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service. It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.”
“With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
“The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians,” it added.
The 2026 Appropriation Act took effect on April 1, with the federal government commencing full implementation in line with what the presidency describes as the Renewed Hope Agenda.
President Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the capital component of the 2025 Appropriation Act by three months to June 30.
The presidency said the extension would ensure the full utilisation of appropriated funds, particularly for critical infrastructure projects at advanced stages of implementation.
“The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
“It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure,” the statement read.
He directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with strong emphasis on value for money and timely project delivery.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives, the statement noted.
President Tinubu also assured Nigerians of his administration’s resolve to deepen fiscal reforms and boost revenue generation.
By Adedapo Adesanya
Pipeline Infrastructure Nigeria Limited (PINL) says Nigeria has lost an estimated $226.734 billion in revenue from stalled crude oil production in Ogoniland over the past 32 years.
The group at the company’s monthly stakeholders’ meeting in Port Harcourt called for an urgent, structured restart of operations in the region.
PINL described the resumption of oil production in Ogoniland as a “strategic national priority,” stressing that the process must be driven by host communities and grounded in environmental sustainability.
Speaking at the event, Mr Akpos Mezeh, General Manager, Community and Stakeholder Relations at PINL, said the scale of losses highlights both the cost of inaction and the opportunity ahead.
“Available data shows that over $226.734 billion has been lost due to the suspension of crude oil production from 96 oil wells in Ogoniland over the past 32 years. This clearly underscores both the economic cost of inaction and the immense opportunity that lies ahead,” he said.
Ogoniland, covered under Oil Mining Lease (OML) 11, has the capacity to produce over 500,000 barrels of crude oil per day. Production was halted in 1993 following unrest and environmental concerns linked to oil exploration activities.
PINL outlined key conditions for restarting operations, including active community participation, sustained environmental remediation, adoption of community-based security models, and prioritisation of economic inclusion.
“The position of PINL aligns with growing calls from stakeholders in the Niger Delta for the Federal Government to restart oil production in Ogoniland in a manner that balances economic benefits with environmental justice and community interests,” Mr Mezeh added.
He further affirmed the company’s readiness to support the process, stating: “At PINL, we stand ready to support this process by applying our experience in stakeholder engagement and infrastructure protection to ensure a peaceful, secure, and sustainable resumption.”
PINL maintained that with the right framework, resuming production in Ogoniland could significantly boost Nigeria’s crude output, increase government revenues, and support broader economic growth.
By Aduragbemi Omiyale
Additional shares of Champion Breweries Plc have been listed on the Nigerian Exchange (NGX) Limited.
A circular from the NGX Regulation Limited confirmed this development on Wednesday, April 15, 2026.
The new stocks of the brewery company came from its hybrid offer comprising rights issue and offer for subscription.
Through the two exercises, Champion Breweries issued fresh 2,375,615,342 ordinary shares of 50 Kobo each to subscribers, which were brought to the stock exchange for listing.
Business Post reports that 931,712,324 units arose from the rights issue of 994,221,766 ordinary shares of 50 Kobo each at N16.00 per unit, indicating a subscription rate of 93.71 per cent; and 1,443,903,018 units from the offer for subscription of 2,625,000,000 ordinary shares of 50 Kobo each at N16.00 per unit, reflecting a subscription rate of 55.01 per cent.
The listing of the new shares of the organisation has increased the total issued and fully paid-up shares to 11,323,611,234 ordinary shares of 50 Kobo each from 8,947,995,892 ordinary shares of 50 Kobo each.
“With this listing of the additional 2,375,615,342 ordinary shares of 50 Kobo each, the total issued and fully paid-up shares of Champion Breweries Plc have now increased from 8,947,995,892 to 11,323,611,234 ordinary shares of 50 Kobo each,” a part of the circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, stated.
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