The Federal Government is to spend additional $410bn between 2022-2060 to meet the country’s Energy Transition Plan.
The Minister of State ministry for Petroleum Resources, Chief Timipre Sylva announced this during the 7th National Council on Hydrocarbons in Minna, Niger state.
Represented by the Permanent Secretary in the ministry, Ambassador George Tanimu Adudu the minister said to meet the demand, Nigeria will also have to spend additional $10bn annually apart from its normal budgetary allocations.
According to him “Nigeria, a major oil producing country on the African continent is not only committed to Net-zero emission by 2060 and its Energy Transition Plan but is one of the first 50 to have launched its guidelines for the management of Fugitive Methane and Greenhouse Gases Emission in the Upstream oil and gas sector which will be gazetted”
Chief Timipre Sylva further explained that Nigeria is also committed to working and also supporting other member countries who desire to develop their methane management guidelines and foster cooperation and collaboration for cleaner processing of fossil fuels.
In his remarks, Niger State Governor, Alhaji Abubakar Sani Bello said the state has commercial deposits of hydrocarbons in Bida Basin sequel to the progressive reports and findings of the consultants from Ibrahim Badamasi Babangida University, Lapai and the Federal University of Technology, Minna.
The Governor who was represented by the Secretary to the State Government Secretary to the Niger State Governor Ahmed Ibrahim Matane said the commencement of exploration in Bida Basin would benefit the state and Nigeria.
Reporting by Aliyu Lawal; Editing by Oluwaseyi Ajibade and Annabel Nwachukwu