The signing of the Petroleum Industry Bill (PIB) into law by President Muhammadu Buhari does not mean automatic removal of the Premium Motor Spirit (PMS) subsidy, according to the Major Oil Marketers Association of Nigeria (MOMAN).
President Muhammadu Buhari assented to the bill on Monday.
Reacting to the development, MOMAN Executive Secretary Clement Isong said the assent does not amount to instant subsidy removal.
He said: “No… The HMSPR will provide transitional regulations leading to removal of subsidies.”
The Minister of State for Petroleum Resources, Chief Timipre Sylva had said once Buhari signed the bill it means the removal of subsidy.
The Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President Alhaji Abubakar Maigandi commended the president for signing the bill.
He noted the new law will lead to the appreciation of the Naira and reduce the forex challenge in the industry.
Special Adviser to the President (Media and Publicity), Mr. Femi Adesina on Wednesday announced that President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.
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