The House of Representatives says Nigeria is losing about $750m to gas flaring annually.
It added that the flared gas could have been used to generate electricity for the country.
The Federal Government says it is committed to eliminating gas flaring by 2025.
According to the government, ending gas flaring will allow the country to harness its gas resources for maximum economic benefits and in compliance with the Paris Agreement of the United Nations Framework Convention on Climate Change.
The joint House Committee on Gas Resources, Environment and Climate Change organised a public hearing on the need to end gas flaring in the country in Abuja.
Chairman of the House Committee on Gas Resources, Nicholas Mutu, said available records showed that the country was losing $750m annually from flared gas.
While commending the government for the 2018 Gas Flare regulation, which imposes a penalty of $2 per million standard cubic feet of flared gas, he stressed the need for compliance with the provisions of the penalty regime.
The Minister of State for Petroleum Resources, Timipre Sylva, stated that gas flaring was an issue that the ministry took seriously, especially as there was a global agreement to eliminate it.
