The Minister of State for Petroleum Resources, Chief Timipre
Sylva, has revealed that the National Assembly will pass the Petroleum Industry
Bill (PIB) before the end of June.
Sylva noted that efforts to ensure passage of the PIB before
the National Assembly are still on course, adding that it will not go beyond
June this year.
The minister made this known at an interactive session with
newsmen in Abuja on Tuesday.
“I want to tell you that PIB is fully on course and we are
very happy because we have focused on that for a long time, and we had many
meetings with the National assembly and stakeholders.
“Today, I believe that we are all basically satisfied with
where we are.
“The National Assembly has given a timeline, they actually
gave April but a few things, but give or take, I still believe that the passage
of the PIB will not go beyond June.
“We are hopeful that between now and June, they will pass
the PIB, I don’t think we are far away with the passage of the PIB,’’ he said.
Commenting on subsidy, he said that the common man is worse
hit with subsidy, but usually, the one that fights the government anytime it is
said it would be removed.
He said subsidies had created the opportunity for people to
transport products to nearby countries to make more profit as the price is high
in those places.
“People are ready to take all kinds of risk to transfer
products to places like the Benin Republic. So when the prices are at par, it
might help to reduce some of these risks,’’ he said.
He noted that until Nigeria bridges the price differentials
in the pump price of petrol, people would continue to take all risks to smuggle
the product.
“The price differential is a major incentive for smuggling
that is why until we are able to bridge that gap, people will continue to do
that.
“Because it is very difficult for the government to police
all the border of Nigeria,’’ he said
Sylva said the government had exhibited political will and
commitment to announce deregulation for the downstream sector in March 2020.
He urged Nigerians to support the government’s efforts to
ensure full deregulation of the sector for economic growth and development.
“The truth is that the common is not benefiting from the
subsidy,’’ he said.
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