The federal government has declared that the signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari does not mean an automatic end to the fuel subsidy regime.
Naija News reports there have been anxiety from stakeholders and particularly, the consumers that the price of petrol in Nigeria may jump from N162-N165 to as high as N300 per liter following the signing of the PIB into law by President Buhari on Monday.
This is as market forces will now determine the selling price of petrol in the country and the subsidy regime will come to an end.
However, the Minister of State for Petroleum Resources Timipre Sylva has clarified on Tuesday that the signing of the PIB by the President does not automatically translate to the immediate end of the subsidy regime in Nigeria.
He added also that newsmen will be engaged appropriately on the next line of action by the government when the time is right.
“We’ll engage you (reporters) on this at the appropriate time,” the Minister said in a text message to The Nation through his Special Adviser on Media, Mallam Garba Muhammad.
Naija News recalls prior to the signing of the PIB by President Buhari on Monday, Sylva had previously announced that the controversial petrol subsidy regime in Nigeria will end totally as soon as President Muhammadu Buhari signs the Petroleum Industry Bill (PIB) into law.
Sylva made the submission while speaking at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja.
He explained that the recently passed PIB doesn’t have any provision for fuel subsidy and once signed into law by the President, the price of petrol in Nigeria will be determined by market forces.
Meanwhile, the Pan Niger Delta Forum (PANDEF) has reacted to the signing of the controversial Petroleum Industry Bill (PIB) 2021 into law.
Reacting, PANDEF berated President Buhari for signing the controversial bill into law, adding that it is a .very “sad and bad day” for Nigeria.
Speaking with The PUNCH, PANDEF spokesman, Ken Robinson, said the President still went ahead to sign the bill into law despite the overwhelming outcry of the people of the South-South zone.