Oil and gas companies operating in the country flared a total of 85.81 billion standard cubic feet of natural gas in the first three months of the year, causing the country an estimated loss of N72.41bn.

Data obtained from the Nigerian National Petroleum Corporation showed that 31.68 billion scf of gas was flared in January; 27.25 billion scf, in February; and 26.88 billion scf in March.

With the price of natural gas put at $2.76 per 1,000scf as of July 16, 2017, the 85.81 billion scf flared translates to a loss of $236.84m or N72.41bn (using the official exchange rate of N305.75/dollar).