Sunday, September 19, 2021

Petrol subsidy regime to end after signing of PIB

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The Minister of State for Petroleum Resources, Chief Timipre Sylva has announced that assent to the Petroleum Industry Bill by President Muhammadu Buhari will put an end to petrol subsidy in Nigeria.

Sylva announced this while speaking at the Nigeria/OPEC: 50 Years of Partnership press conference in Abuja.

He insisted that it was best for Nigeria that the Federal Government discontinued subsidy on petrol, stressing that the recently passed PIB had no provision for subsidy.

The minister said subsidy removal is desirable for the interest and growth of Nigeria.

While noting that everybody will have their perspectives, he stressed that subsidy removal is the best thing for Nigeria, not just the industry.

Sylva added that the removal of subsidy has the potential of unlocking a lot more funds for deployment to development.

The petroleum minister further noted that government would begin rehabilitation of the Warri and Kaduna refineries soon in order to increase domestic refining of petrol and to cushion the impact of subsidy removal.