President Muhammadu Buhari had on Jan. 25 approved 18-month suspension of the removal of fuel subsidy, following consultations with stakeholders in line with the current economic realities in the country.
The removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, was earlier scheduled to take effect from July 2022.
According to Chief Timipre Sylva, Minister of State, Petroleum Resources, arrangements have reached advanced stage by the executive arm of government, to propose to the National Assembly an 18-month extension for the implementation of the Petroleum Industry Act (PIA).
The PIA which was signed into law by the President on Aug. 16, 2021 and scheduled to commence in February was expected to boost investors’ confidence in the industry and create more employment opportunities for the populace in the host communities.
The Federal Government recently announced that only N443 billion was provided in the 2022 budget for subsidy from January to June and…
Source: Guardian Newspaper