PIB: Timipre Sylva says dis-functional refineries one of the reasons for subsidies

The press briefing on the imminent passage of the petroleum industry bill (PIB) by the minister of petroleum, Timipre Sylva is ongoing.

According to the minister “We’re looking for oil everywhere we can in the country so that we can quickly exploit all our reserves before the world moves on from oil.”

• Highlights Of The Development Trust Fund For Niger Delta In The Petroleum Industry Bill (PIB)
• Nigeria hits a 17.33% inflation rate in February – NBS

“The subsidy is one of the reasons why our refineries are not functioning optimally. That constraint will be taken away with deregulation. That is why we must now fix our refineries so that they can function optimally in a deregulated regime.”

The FG plans to privatise/concession the refinery and considers it best to make it functional rather than non-functional.

The Nigerian National Petroleum Corporation, NNPC also said it pays N120bn monthly on fuel subsidies.

FG’s Plan To Address Revenue Leakages And Monitoring 2021 Budget Implementation

Follow us on Facebook and Twitter.