Sylva
Fuel subsidy policies in the Nigeria’s petroleum downstream sub-sector will remain in place till further notice.
The Nigeria’s Minister of State for Petroleum Resources, Timipre Slyva, declared this in Abuja on Tuesday while giving an up-date on the implementation of the Petroleum Industry Bill, PIB.
He also stated that the Nigerian National Petroleum Corporation, NNPC, would become a commercial company within six months.
These follow the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.
The minister stated that a transitional committee has been inaugurated to incorporate NNPC.
‘’All shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance,” Sylva said.
He maintained that although the new petroleum act has deregulated the oil sector, subsidy policies would continue till further notice.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.
