The Nigerian government has proposed the extension of fuel subsidy removal for 18 months and is planning to seek to amend the Petroleum Industry Act (PIA) to such effect.
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Tuesday while briefing State House correspondents in Abuja.
According to Sylvia, the government has concluded plans to approach the National Assembly to amend the Petroleum Industry Act (PIA).
“We are proposing an 18-month extension but what the National Assembly is going to approve is up to them,” the minister said.
“We would approve an 18-month extension and then it is up to the National Assembly to look at it and pass the amendment as they see it.
“With assent by the President on August 16, 2021, the PMS subsidy removal was therefore expected to take place effective February 16, 2022. However, following extensive consultations with all key stakeholders within and outside the government, it has been agreed that the implementation period for the removal of the subsidy should be extended.
“This extension will give all the stakeholders time to ensure that the implementation is carried out in a manner that ensures all necessary modalities are in place to cushion the effect of the PMS subsidy removal, in line with prevailing economic realities.
“The President assures that his administration will continue to put in place all necessary measures to protect the livelihoods of all Nigerians, especially the most vulnerable.”
