Presidency sets three-year self-sufficiency target for petroleum products

The Minister of State for Budget and National Planning, Mrs. Zainab Ahmed, yesterday gave the assurance that the country would be self-sufficient in refined petroleum products by year 2019.

Speaking during the first Nigerians economic stakeholders summit held yesterday at the Sheraton Hotels, Abuja, Ahmed expressed optimism that the country would have also attained the status of a net exporter of refined petroleum products by 2019.

She further cited on-going effort to ensure the passage of the revised Petroleum Industry Bill (PIB) as part of efforts to reposition the petroleum sector of the economy.

Ahmed also disclosed that a Strategic Implementation Plan (SIP) aimed at ensuring effective implementation of the 2016 budget had also been put in place, saying that the initiative would surely facilitate the rebound of the economy.

Meanwhile, Speaker of the House of Representatives, Mr. Yakubu Dogara who declared open the event, reiterated the desire of the lower legislative chamber to ensure diversification of the economy.

Represented by the Chairman of the House Committee on Banking and Finance, Mr. Jones Onyeriri, Dogara said that the goal was in line with the Legislative Agenda of the Eighth Assembly of the House.

He further stated that the ongoing interactive session between members of the House and cabinet ministers of President Muhammadu Buhari-led administration was aimed at achieving the objective.