The Federal Executive Council is currently meeting with President Muhammadu Buhari presiding, to consider proposed amendments to the Petroleum Industry Act PIA.
Businessday gathered from sources close to the Cabinet office that the amendment is being worked out, as a precursor to sending it to the National Assembly for enactment into law.
The Minister of State for Petroleum Resources, Timipre Sylva has also been mandated to forward relevant instruments for the implementation of the conversion of cars from fuel to gas.
“ The President has already mandated the Minister of State Timipre Sylva and the NNPC team to work out necessary modalities for the implementation of the conversion policy which will be implemented before subsidy can be removed”, the source said.
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The Minister had while briefing State House Journalists on Tuesday revealed that the conversion policy will start in March, this year.
The federal government is however still shopping for its share of 50% contributions for the project to take off.
Sani Shehu, a Mining sector operator has however advised the government to ensure that fuel is available for Nigerians, irrespective of whatever is necessary to be done.
“ We are not so much concerned about the politics of the fuel subsidy, what an average Nigerian wants is for the fuel to be available.
“We want the status quo to remain”.
Sani who noted that Nigerians are already facing the several challenges, especially with insecurity and poverty, added “ It will be catastrophic for the ordinary Nigerian if fuel subsidy leads to further increases in goods and services they consume”
“ We are not finding things easy even in the mining sector that tphas been boxed in by insecurity” he stated.
