According to recent findings, the Federal Government of Nigeria experienced a revenue shortfall of N13.33 billion from gas flaring penalties imposed on oil and gas firms in January and February 2023.

The government had announced a $49 million (N22 billion) fine on onshore oil and gas companies for flaring 24 billion Standard Cubic Feet of gas, valued at approximately N40 billion ($86 million) during the mentioned period.

However, data from the Central Bank of Nigeria’s first-quarter statistical bulletin indicated that the government only earned N8.67 billion during January and February.

This shortfall highlights the ongoing challenges in reducing gas flaring and the need for stricter penalties as Nigeria aims to achieve its net zero goals by 2060.