Kachikwu: FG Will Revisit PIB, Fuel Subsidy.

The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, yesterday disclosed the resolve of the present administration to revisit the long-awaited Petroleum Industry Bill (PIB) before the National Assembly.Recall, the PIB could not be passed by the 7th National Assembly headed by former Senate President, David Mark due to legislative hitches.
Nevertheless, Dr. Kachikwu reiterated that the federal government would amend it by removing the taxation element to speed up its passage.

Speaking on why there was a delay in the payment of N413 billion subsidy claims to oil marketers, Kachikwu said, that the money was actually approved by the President but has not reached them because the money is going through a process which would have the National Assembly approval, assuring that the payment processes would be perfected in a matter of a week.
“The money was approved by the president, (it) has not reached them physically because there is a process that our constitution requires in terms of approving those set of (extra-budgetary) expenditures.
“The president is taking time to write the Assembly to appraise them of need to this this.
Do we want to pay, yes! Have we provided for the money, yes! Do we need approval from outside the executive to recommend that, yes! It is going through a process.”
He, however, urged the marketers to be a bit patient as the resident is working very hard to ensure the issue is resolved,” he said.
The Minister of State for Petroleum disclosed that, “There is enough fuel supply, as of today we have product both onshore and offshore totaling about 22/23 days.”
He said the number of trucks that have been moved around the country is in excess of 4000 trucks as against the normal 2500 utilization.
“Product is not the issue, what is the issue is the usual panic buying by Nigerians.”
On Gas, he said, efforts would be geared towards sourcing for funds from investors to drive some of the ongoing LNG projects, adding that much concentration would be on Gas-to-Power, gas for cooking.
Addressing the heads of parastatals, he said, “I will imagine that in the first couple of months we would let the MDs of various parastatals work with us to understand what the agenda for this administration is.
Fairly quickly we will also sit down and see whether they are in a capacity to deliver those results. I am not seeing I am going to change people but we will absolutely require you to show an ability to deliver the sort of change mantra that we are looking for”
He disclosed the intention of the President to change the public perception of the ministry and other key substantial deliverables like: cutting cost, growing income streams and helping the federation stabilize.
Kachikwu assumed duty with a enewed vigor to speedily work in collaboration with the staff and the Permanent Secretary to change the public perception of the Corporation as demanded by President Muhammadu Buhari.
This, the minister disclosed would be achieved through transparency, accountability and general motivation of the staff to ensure speedy delivery of the goals of the corporation.