The Nigeria Extractive Industries Transparency Initiative, NEITI, says the sum of $200 billion is required to be injected into Nigeria’s gas infrastructure for its development as the ninth largest gas producer in the world and number one in Africa.
Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji pointed this out in the 2021-2023 reports on Oil, Gas and Solid Minerals presentation to the Public Accounts Committee chaired by Senator Aliyu Wadada Ahmed.
He said the required infrastructure for maximization of gas resources in the country was not there.
He said there was a need for the injection of $20 billion yearly into gas infrastructure for a period of ten years for construction of gas pipelines along and across the West African sub-region, and beyond.
Orji said: “In Nigeria, what we need is to invest in gas infrastructure; our study shows that we need an initial investment of $20 billion annually for 10 years to be able to generate the kind of gas infrastructure required to provide gas for the whole of Africa and beyond.”
The Senate panel was further irked by the submission in the NEITI’s report that less than 1% of solid minerals is remitted into the Federal Government’s Consolidated Revenue Fund account.
Chairman of the Senate Committee on Public Accounts, speaking on remittances of Solid Minerals into the Consolidated Revenue Fund decried the less than 1% contribution of proceeds from the sector on yearly basis.
Other members were unanimous that NEITI’s report on solid minerals is not reflective of what is going on in the solid mineral sector.
They wondered why only States like Ogun, Osun, Kogi, Edo, Ebonyi, Rivers, Cross Rivers and FCT, were mentioned in the report, excluding Nasarawa, Zamfara, Kebbi, Plateau, Bauchi, among others.
Specifically the Chairman of the Committee, Senator Wadada described the less than 1% contribution of solid minerals to GDP as quite ridiculous and unacceptable.
“This definitely must not continue, there must be complete overhaul of the sector,” he said.
