The Minister of State for Gas, Mr. Emmanuel Odusina, yesterday said that Nigeria could lose about seven billion dollars in the next three months if the gas sector is not well-developed.
He said at the inauguration of the Senate Committee on Gas yesterday in Abuja that the legislative framework would entail the quick passage of the Gas Downstream Bill, which he explained would save the country the loss of a whopping $7 billion in revenue.
Latest by 2011, if all legislative and other structural frameworks are emplaced, Nigeria will earn more money from gas than from oil, he said.
Odusina�s explanation came on the heels of assurance by the Chairman of the Senate Committee on Gas, Senator Osita Izunaso that the bill would be passed within the next two to three months.
Odusina emphasised that the country might lose $7 billion in the next four months if the bill was not passed within the shortest possible time, but did not explain the basis of the feared revenue loss.
According to Odusina, �in the next four years, the economy will be driven by gas. As we all know, Nigeria is dominated by gas with a fraction of oil.
�The attention has been on oil, but the time is now to devote attention to gas to generate more funds for our coming generations,� he said.
Chairman of the Senate Committee on Gas, Senator Izunaso assured that the Senate would pass the Gas Bill in three months� time.
He shared the position of the Minister that Nigeria would lose close to $7 billion in the sector �if that is not done. But if we do that, we will have more funds to develop other sectors for the benefit of our country.�
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Alhaji Abubakar Yar�Adua, also corroborated the position of the Minister, saying that in the next two years Nigeria would earn more money from gas.
According to him, �This is because the world has known that cleanliness of gas makes it adaptable to energy generation. Before now, investors neglected gas exploration.�
He said that the NNPC was ready to work the Committee on Gas to advance development in the sector.
Sep182007