The Petroleum Industry Bill caused quite an uproar in the Senate due to its provision to allocate three per cent (3%) of the revenue generated from the oil and gas sector to host communities.

The bill which was rejected by the Southern Governor Forum got signed into law by the President on the 16th of August 2021. With the bill signed into law, the outcome speculates the removal of fuel subsidy and the price of fuel in the country will be determined by the market forces.

However, the minister of state for Petroleum Resources, Timipre Sylva, through his Special Adviser on Media, Malam Garba, in an SMS to The Nation said the passing of the bill into law by the president does not automatically translate to the removal of fuel subsidy.

As it stands, fuel is sold for N162 per litre in Nigeria.

To join in the ongoing debate, kindly click on the link below:
https://veegil.com/the-outcome-of-the-pib-law-in-nigeria-611bd585e4863b143f3865ee

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