Minister of State for Petroleum Resources, Timipre Sylva has assured that the signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari does not translate into automatic removal of the Premium Motor Spirit (PMS) subsidy.
“We’ll engage you (reporters) on this at the appropriate time,” Sylva, told The Nation in an SMS through his Special Adviser on Media, Malam Garba Muhammad.
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Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Mr Clement Isong also holds the same view.
According to him, “No minister will provide transitional regulations leading to the removal of subsidies now.”
Sylva had earlier said once the bill becomes a law, the subsidy would seize to be.
Also yesterday, Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammad Barkindo, said the new law would assist the nation to attain 4 million barrels production per day.
Barkindo, in a congratulatory letter to the President, added the law ”will help harness Nigeria’s potential to achieve its programme of raising oil production to 4 mb/d and oil reserves to 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy.”
A part of the message reads: ”I wish to extend my congratulations to you on signing into law the PIB, which marks a significant milestone for Nigeria’s oil industry and a historic achievement for your Presidency.
“With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.