The Federal Government and oil companies in the country have lost an estimated N87.16bn from January to May this year.
According to the latest data from Nigerian National Petroleum Corporation, a total of 90.9 billion standard cubic feet of natural gas was flared.
With the price of natural gas put at $2.53 per 1,000scf as of Monday, the 90.9 billion scf flared translates to an estimated loss of $229.98m or N87.16bn going by the official exchange rate of N379/dollar.
The corporation also said 45 gas flare sites will be put up for auction in the first phase of the Nigerian Gas Flare Commercialisation Programme.
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Which has been delayed by the COVID-19 pandemic as bidders needed access to the flare points.
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