The Federal Government and oil companies in the country have lost an estimated N87.16bn from January to May this year.
According to the latest data from Nigerian National Petroleum Corporation, a total of 90.9 billion standard cubic feet of natural gas was flared.
With the price of natural gas put at $2.53 per 1,000scf as of Monday, the 90.9 billion scf flared translates to an estimated loss of $229.98m or N87.16bn going by the official exchange rate of N379/dollar.
The corporation also said 45 gas flare sites will be put up for auction in the first phase of the Nigerian Gas Flare Commercialisation Programme.
Which has been delayed by the COVID-19 pandemic as bidders needed access to the flare points.