A new gas pricing template for the power sector and gas-based industries has been developed and currently awaits the approval of President Bola Tinubu, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority announced on Wednesday.
It was also revealed that the legacy gas debts of the power sector to gas suppliers in Nigeria had risen to about $1bn, as efforts were ongoing to finalise the figures and find a comfortable way in addressing the debts.
Speaking during the inauguration of the Decade of Gas Secretariat in Abuja, the secretariat’s Coordinator, and immediate past President, of Nigeria Gas Association, Ed Ubong, said it was important for the government to clear the gas debts in order to boost investors’ confidence in gas investments.
The Decade of Gas is an initiative of the Federal Government that seeks to deepen domestic gas usage across the country within a 10-year period, from 2021 to 2030, based on the enormous gas reserves in Nigeria that stood at over 206 trillion cubic feet.
Written by: EaglesFM