Fuel subsidy in Nigeria will end when President Muhammadu
Buhari signs the Petroleum Industry Bill (PIB), according to the Minister of
State for Petroleum Resources, Chief Timipre Sylva.
Sylva stated this on Monday while speaking at the
Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership
press conference in Abuja.
The Minister insisted that it was best for Nigeria that the
Federal Government ends subsidy on petrol, stressing that the recently passed
PIB had no provision for subsidy.
He also noted that PIB will ensure petroleum products will be sold at market determined prices.
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.”
The Group Managing Director (GMD) of the Nigerian National
Petroleum Corporation (NNPC), Malam Mele Kyari, has previously insisted that
the inability to find a suitable price for petrol is the reason for the
continuation of the subsidy scheme.
According to Kyari, while its landing price is about N256
per litre, petrol sells for N162 to N165 in most parts of Lagos State.
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