The Minister of State for Petroleum Resources, Timipre Sylva, says the fuel subsidy has not been removed with the assent of the Petroleum Industry Bill (PIB) by President Muhammadu Buhari.
The minister will be holding a press conference today, Tuesday, to discuss issues related to the PIB as well as the the unbundling of the Nigerian National Petroleum Corporation (NNPC).
There are concerns that with the signing of the PIB into law, which signifies the deregulation of the oil and gas industry, the cost of petrol may rise to N300 per litre from the current N162-N165 per litre.
The Presidential spokesman, Femi Adesina, had announced on Monday that Buhari signed the controversial bill into law after 20 years of its introduction.
The PIB comprises 5 parts, which includes: governance and institutions, administration, host communities development, petroleum industry fiscal framework, and miscellaneous provisions in 319 clauses and 8 schedules.
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Adesina disclosed that Buhari has been working from his residence in line with the five days’ quarantine as specified by the presidential steering committee on COVID-19, since his arrival from London on August 13.
”The ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been fulfilled,” the statement read.
