Business
Oil Jobs Won’t Be Lost Over Buhari’s Assent To PIB – Timipre Sylva
The Minister of State for Petroleum, Timipre Sylva, has said the petroleum industry will not lose any job as a result of President Muhammadu Buhari’s assent to the Petroleum Industry Bill.
Sylva, while speaking on Channels TV on Wednesday, said that federal government has put measures in place to protect all jobs in the oil industry even as the implementation of the new law begins on Thursday.
The Minister also said the government was working to perfect an arrangement through which the effect of the looming removal of subsidy on Premium Motor Spirit would be mitigated.
He said, “We have done all that is required in the law to ensure that no job is lost in the oil industry as a result of the Petroleum Industry Act (PIA). So, I can assure you that no job will be lost. All jobs in the oil industry will be protected
“Also, we are more than ever committed to remove subsidy on petrol but we want to put processes in place to give it a human face.”
The Minister, while stating that the 3% to host communities as captured in the PIA was a fair deal, pointed out that it would be derived from the operational costs as against the profits of the oil producing firms.
Sylva further revealed that the Nigerian National Petroleum Corporation would now become subject to the Companies and Allied Matters Act (2020) under the management of private individuals.
-
Politics7 days agoJUST-IN: George Turnah Welcomes Isaac Amakuro’s Disassociation from G-House Political Family
-
Business2 days agoAn Open Appeal To The Gov. Of Bayelsa State, Sen. Diri Douye Regarding The Removal Of My Prominent Billboard On Azikoro Road, Near Ekeki Park.
-
News3 days agoPolice have arrested three suspects who offered a pregnant woman N30 million to terminate her six-month-old fetus for a ritual in Niger State
-
Crime7 days agoWhy I Butchered Student I Met on Facebook – Kwara Cleric
-
Gist2 days agoA housewife in Bauchi has stabbed her husband to death during a dispute over child custody
-
Politics6 days agoBreaking News: The Federal High Court has ordered PDP to go ahead with its South-South Zonal Congress
-
Politics2 days agoTension in Osun: LG Workers Stand Their Ground, Defy APC’s Resumption Order
-
Politics6 days agoRivers Crisis: Eze Warns Tinubu That Posterity Will Judge Him If Fubara Is Humiliated