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FAAC seeks review of price regime in gas sector

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The Federal Account Allocation Committee (FAAC) is seeking a speedy review of laws, fiscal regime, licenses and price regime of petroleum products in the country.
The committee in a communiqué at the end of its National Seminar held in Benin said that a quick passage of the Petroleum Industry Bill (PIB) would fast track the holistic implementation of the Gas Master Plan.
It also asked government to strive to create a balance between export of gas and the usage in the domestic market by encouraging local gas consumption as a stimulus for development of the nation’s economy.

Read also: Again, NNPC fails to remit $1.48bn, FAAC claims

It also advised government to expedite the power transmission project to enable the power plants evacuate the power so that stranded gas could be utilised.
Government, it stressed, should deliver the required infrastructure to link offshore gas to existing/ planned facility while synergies between operators need to be driven by the regulators to deliver stranded gas.

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