The Federal Government has said that with signing into law the Petroleum Industry Bill (PIB), fuel subsidy policies in the Nigeria’s petroleum downstream sub-sector will remain in place till further notice.
Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Slyva, declared this in Abuja on Tuesday while giving an up-date on the implementation of the Petroleum Industry Bill (PIB).
Mr. Sylva also noted that the Nigerian National Petroleum Corporation (NNPC) would become a commercial company within six months.
Mr Sylva, added, said a transitional committee is already in place 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.
Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians