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.
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.”
