By Nneka Nwogwugwu
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has announced on Monday when the government’s subsidy on petrol will end.
Sylva, while speaking at the Nigeria/Organisation of Petroleum Exporting Countries: 50 Years of Partnership press conference in Abuja, said that the assent of the Petroleum Industry Bill by President Muhammadu Buhari will put an end to petrol subsidy in Nigeria.
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The minister said as quoted by the Punch, “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 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.”
