Minister of State for Petroleum Resources, Timipre Sylva has disclosed the exact time the Federal Government of Nigeria will end petrol subsidy in the country.
Gatekeepers News reports that Sylva stated that petrol subsidy will end the moment President Muhammadu Buhari assent to the Petroleum Industry Bill (PIB).
The Minister who stated this at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja, the nation’s capital, stressed on advantage of ending petrol subsidy.
“This (subsidy removal) 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.”
Gatekeepers News reports that the petroleum Minister further noted that the Federal Government would soon commence the rehabilitation of the Warri and Kaduna refineries in order to increase domestic refining of petrol and to cushion the impact of subsidy removal.
