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Okechukwu Nnodim, Leke Baiyewu and Dennis NakuThe President, Major General Muhammadu Buhari , has signed the Petroleum Industry Bill 2021 into law.The Federal Government may soon end the fuel subsidy regime with the signing of the Petroleum Industry Bill by the President, Major General Muhammadu Buhari , on Monday.
The Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement on Monday, disclosed that Buhari had signed the PIB.Working from home for the five-day quarantine as stipulated by the Presidential Steering Committee on COVID-19 after returning from London on Friday, August 13, the President assented to the Bill.
The House, however, adopted the three per cent and passed the PIB without the votes of members of the minority caucus, who are predominantly southern lawmakers. “So far, discussions with stakeholders are still ongoing. But I will also bring it to your attention that today, when the President assents 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.”
“So, nowhere in the world that diesel sells more than PMS. That means that the price of petrol anywhere in the world, assuming you are going to sell it at the market rate, you are going to sell it above that price you have seen. The difference in prices between both is usually around N10 per litre. “So, let the market forces determine that and the PIB, which has been passed into law, addresses that. So, right now, subsidy on petrol has stopped going by the law. Implementation is the next thing.”
“Let us see the real Act first. The NNPC is not going to be the same under this Act if implemented correctly. There is a six-month window. Implementation is the key,” he stated. In a letter to the President, the Secretary General, Organisation of Petroleum Exporting Countries, Sanusi Barkindo, said the bill would attract investments to Nigeria.
On his part, the Executive Secretary, Nigeria Extractive Industries Transparency Initiative, Dr Orji Ogbonnaya-Orji, said the new law had ended decades of uncertainty concerning the future of the country’s oil and gas sector.“For us in NEITI, President Buhari has broken new grounds and has created a new business horizon built on healthy legal frameworks that will push the boundaries of reforms in the sector with realistic optimism for inflow of investments, revenue growth and job opportunities.
Similarly, the Senate described the assent of the PIB by Buhari as a major victory that had the potential of bailing Nigeria out of its economic predicament, adding that the Act would enable the country to make the most of the economic gains of the industry for the benefit of Nigerians. The minister said, “The draft 2022-2024 MTEF/FSP has been prepared against the backdrop of global economic recovery amidst improved vaccination outlook and lower incidence of infection despite recent surge in the Delta variant. However, the Medium Term Fiscal Framework shows that there are continuing global challenges in the aftermath of the COVID-19.
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