Since it's high up on the tank I'm guessing it's an overflow drain. Should have a tube running down it so the fuel will drip to the ground. It looks like a Honda tank but I've never seen one with a drain before.
It's to allow water or any other liquid (gasoline as mentioned in an overflow) to drain that has collected in the recessed area under the flap over your gas cap.
It's a tube that goes right through the tank - there would be a corresponding hole in the area around the filler opening on the top of the tank.
There should be a hose connected to it that runs under the tank and down to where the carb bowl overflow hoses run. It's held in that little clip just by the spigot on the underside of the tank. Keeps gas spillage from being directed right onto the top of your hot engine
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