PIB: Sector deregulation now constitutional ― FG

In view of the newly assented Petroleum Industry Bill(PIB), the Federal Government (FG) on Tuesday, said full deregulation of the oil and gas sector was now constitutional.

This was even as it maintained that the pump price of Petroleum Motor Spirit (PMS) still remains N162 pending the outcome of its engagement with the Organised Labour.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this in an interactive session with journalists in Abuja.

“So we will keep it here at N162 within that band now for the time being but we are also in the time at the moment trying to work out to allow the deregulation to come to fruition.

“Because right now we don’t even have a choice anymore. It is a matter of law. But we have to ensure that when this happens, ordinary Nigeria is well catered for before that law is actually operated.”

He said already, a consensus has been reached that the Federal Government should deregulate the sector but there was a need for a framework in place.

His words: “We have agreed between labour and us that we need to put a framework in place for the implementation of deregulation.

“More or less there is a consensus across the table now that deregulation is desirable. But how do we achieve it? That is the question now.

“But labour and we have agreed on the process of putting the Infrastructure and the process in place.

Sylva who refused to give a timeline between which this would take effect said: “I cannot give you a timeline now. But it is not going to be too far from now because we have done quite a lot of extensive work.”

However, he said as soon as the FG and Organised Labour agree on the process of putting infrastructure in place, Nigeria will deregulate.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services

President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers…  PIB: Sector deregulation now constitutional  |  PIB: Sector deregulation now constitutional  |  PIB: Sector deregulation now constitutional  |  PIB: Sector deregulation now constitutional.