Fuel Subsidy Remains For Now, Says Sylva

*OPEC: New Law’ll Attract Investors

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, Minister of
State for Petroleum Resources Timipre Sylva has assured.

Sylva, in an SMS to The Nation Not TheNigerialawyer by his
Special Adviser on Media, Malam Garba Muhammad said: “We’ll engage
you (reporters) on this at the appropriate time.”

Major Oil Marketers Association of Nigeria (MOMAN) also holds
the same view.

Its Executive Secretary, Mr Clement Isong, said: “No minister
will provide transitional regulations leading to the removal of
subsidies now.”

Sylva had earlier said once the bill becomes a law, subsidy
would cease 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.

“Mr. President, your signature on the PIB caps many years of
important deliberations and detailed legislative work.

“I am confident the law marks the beginning of a new era of
growth and prosperity that will be beneficial to the petroleum
industry and ultimately to the Nigerian people.”

The Independent Petroleum Marketers Association of Nigeria
(IPMAN) also commended the President for signing the bill.

Its National Vice President Alhaji Abubakar Maigandi added that
the new law would lead to the appreciation of the naira and lessen
forex challenge in the industry.

*OPEC: New Law’ll Attract Investors

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, Minister of
State for Petroleum Resources Timipre Sylva has assured.

Sylva, in an SMS to The Nation Not TheNigerialawyer by his
Special Adviser on Media, Malam Garba Muhammad said: “We’ll engage
you (reporters) on this at the appropriate time.”

Major Oil Marketers Association of Nigeria (MOMAN) also holds
the same view.

Its Executive Secretary, Mr Clement Isong, said: “No minister
will provide transitional regulations leading to the removal of
subsidies now.”

Sylva had earlier said once the bill becomes a law, subsidy
would cease 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.

“Mr. President, your signature on the PIB caps many years of
important deliberations and detailed legislative work.

“I am confident the law marks the beginning of a new era of
growth and prosperity that will be beneficial to the petroleum
industry and ultimately to the Nigerian people.”

The Independent Petroleum Marketers Association of Nigeria
(IPMAN) also commended the President for signing the bill.

Its National Vice President Alhaji Abubakar Maigandi added that
the new law would lead to the appreciation of the naira and lessen
forex challenge in the industry.