The Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo, yesterday, approved a three-year target to achieve self-sufficiency in refined petroleum products and reduce demand on foreign exchange. The Sun reports.
It also approved 34 “priority projects” that would be executed and completed in 2016. Briefing State House correspondents after
the meeting, Minister of State for Budget andNational Planning, ZainabAhmed,in company with the Information Minister Lai Mohammed, Minister of State, Industry, Trade and Investment, Aisha Abubakar, and Minister of State, Foreign Affairs, Kadijah Bukar Abba Ibrahim, also disclosed that the presidency was expecting a final copy of the 2016 budget from the National Assembly for presidential assent “today or tomorrow”.
“We are setting a three-year deadline to achieve self-sufficiency in refined petroleum products and to become a net exporter of petroleum products,” she said.
“The objective of this is to increase domes- tic supply of refined products and to reduce demand on foreign exchange for importing refined products in our country. The ministry of petroleum is pushing this. There is also a plan to push for the passage of the Petroleum Industry Bill (PIB) in conjunction with the national assembly,” she said.