Full deregulation of petrol will be achieved this year ― FG

Minister of State for Petroleum Resources, Mr Timipre Sylva, has assured that full deregulation of Premium Motor Spirit (PMS), also called petrol will be achieved this year.

Sylva stated these while speaking at the annual conference of the Nigerian Mining and Geosciences Society (NMGS), held at the University of Ibadan, on Tuesday.

He said the full deregulation is being preceded by the current administration providing credible and cheaper fuel as an alternative.

Sylva said, “We have been talking about deregulation for a very long time. For decades, we have been talking about deregulating, unfortunately, we have not succeeded, we have succeeded in deregulating some products.

“Kerosene and diesel have been fully deregulated,  but deregulation of PMS has continued to elude us. We expect that this year, we will be able to achieve that.

“Before we do that, we want to apply the principle of tolling the roads, for example, before you toll a road, you are expected to give an alternative.

“So what we want to do for Nigerians is to give a credible and cheaper fuel as an alternative, before we fully deregulate and we believe we will be able to achieve this later this year.

“And this, of course, is going to be a responsible way of also maintaining our environment.”

Also speaking at the event, Chairman, Senate Committee on Legislative Compliance, Senator Adelere Oriolowo noted that noncompliance to existing rules and weak controlling institutions, enforce the rules contributed to the lack of a secure environment for effective, efficient exploration and exploitation of mineral resources in the country.

He, however, noted that the ninth Assembly was in the process of making a necessary review of relevant Acts to make exploration and exploitation of mineral resources safe and productive for the nation’s economy.

Giving his remarks at the event, host governor, Seyi Makinde made a case for the delisting of ownership of mineral resources from the exclusive list to enable states to control resources in their domains.

He charged the National Assembly to help in pushing the case for states in the spirit of advancing the cause of resource control.

Makinde said, “The states and the people have to wait to get a share of their natural resources instead of being the ones to share them. We’ll like the National Assembly to look into it.

“The good news is that recently Zamfara state was allowed to mine and own its gold deposits, every inch of land in Nigeria has one thing or the other to offer in terms of solid minerals.

“So, as a matter of fact, and urgency, here in Oyo state, we want to make the call for the delisting of the mineral resource ownership and development from the exclusive list.”

In the communique of its pre-conference, the NMGS asked the federal government to set aside 10 per cent of revenue generated from the oil and gas sector for solid minerals.

The society’s Editor-in-chief, Professor T.K. Abam, who read out the communique, argued the fact, that solid minerals contributed four per cent to the nation’s Gross Domestic Product (GDP), was inadequate.

The society described solid minerals as the greatest to compete with oil and gas to shore up the nation’s revenue.

As a matter of urgency, the NMGS urged the government to promulgate policies that will guarantee the security of mining sites.

In attendant included, Secretary to the Government of the Federation, Boss Mustapha, Governor Seyi Makinde, Mr Timipre Sylva, Minister of Mines and Steel Development – Mr Olamilekan Adegbite; Minister of State for Mines and Steel Development – Dr Uchechukwu Ogah, and Mr Ojo Adebayo.

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