Fuel Subsidy Will End Once Buhari Signs PIB – Sylva

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Nigeria's Minister of Petroleum, Timipre Sylva

The Minister of State for Petroleum Resources, Timipre Sylva, announced on Monday that fuel subsidy in Nigeria will end immediately President Muhammadu Buhari assents the Petroleum Industry Bill (PIB).

Speaking at the Nigeria/Organisation of Petroleum Exporting Countries 50 Years of Partnership press conference in Abuja, the minister insisted that discontinuing with the subsidy will be best for the country.

He stressed that the recently passed PIB had no provision for subsidy.

Sylva said, “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.”

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