The Vice President of Nigeria, Yemi Osinbajo has called on the Nigerian Ports Authority to review its import dues on Premium Motor Spirit (PMS) in a bid to reduce the pressure of the price in Nigeria.
According to the News Agency of Nigeria, the Vice President disclosed this at the Valuechain Magazine 2021 4th annual lecture and awards, in Abuja, on Monday, themed “Enhancing effective synergy between oil and gas and maritime sectors for greater value creation.’’
What the Vice President said
The Vice President who was represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, insisted on the need for the maritime and oil and gas sectors to synergise for economic growth and value addition in the country.
“You will agree with me that the maritime sector remains pivotal to the oil and gas sector in our country.
“The issues bordering around regulation 2014 has been brought to my notice, the implementation of regulation, especially this time the country is coming out of the global oil crisis
“I, therefore, urge that you keep the implementation in view to a more suitable time for our economy.
He called on the NPA to review its operations as it relates to the price of the PMS, citing that President Muhammadu Buhari has given his approval for a downward review.
“This, we believe will further rejuvenate the pressure in the pump price of the white product,” he added.
In case you missed it
Last month, International Monetary Fund (IMF) expressed its concerns on the resurgence of fuel subsidies, as it reiterated the importance of introducing a market-based fuel pricing mechanism. The institution emphasized the need to deploy well-targeted social support to cushion any impact on the poor.