The consent of the Petroleum Industry Bill by the President, President Muhammadu Buhari, will stop petroleum subsidy in Nigeria, the Minister of State for Petroleum Resources, Chief Timipre Sylva, declared on Monday.
Sylva declared this while talking at the Nigeria/Organization of Petroleum Exporting Countries: 50 Years of Partnership public interview in Abuja.
He demanded that it was best for Nigeria that the Federal Government suspended subsidy on petroleum, saying that the new bill had no arrangement for subsidy and that subsidy removal would unlock hug fund for developmental projects
The Minster added that the government would start the restoration of the Warri and Kaduna refineries soon to expand domestic refining of petroleum and to pad the effect of subsidy removal.
He said the OPEC amount given to Nigeria for raw petroleum creation in June 2021 was 1.554 million barrels each day and that the quantity framework had helped in adjusting oil costs universally.
SOURCE: news-af.feednews.com