President Muhammadu Buhari’s assent of the Petroleum Industry Bill will put an end to petrol subsidy in Nigeria.
This was revealed by the Minister of State for Petroleum Resources, Timipre Sylva, at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja on Monday.
The Minister 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, “This is desirable for the interest and growth of Nigeria. Of course, everybody will have their perspectives, but from where I sit, I believe that subsidy removal is the best thing for Nigeria, not just the industry.
“So far, the discussions with stakeholders are still ongoing. But I will also bring it to your attention that today, when the President assents to the PIB, subsidy will become a matter of law, because it is already in the PIB that petroleum products will be sold at market determined prices.”
Sylva added, “The removal of subsidy has the potential of unlocking a lot more funds for deployment to development. Unfortunately, what we are doing by way of subsidy is like cutting our nose to spite our face.”
He added that the removal of subsidy has the potential of unlocking a lot more funds for deployment to development.