*To propose 18 months extension of PIA implementation to N’Assembly
Nigerians for now can heave a sigh of relief as President Muhammedu Buhari has okayed the suspension of the planned removal of fuel subsidy until further notice.
Minister of State, Petroleum Resources, Timipre Sylva, made this known on Tuesday after a closed-door meeting with President Muhammadu Buhari at the State House, Abuja.
Speaking to newsmen after the meeting, Sylva said the President had directed that the oil subsidy should be kept on hold until all stakeholders were carried along on the issue as well as ensuring that all machinery had been put in place for the removal to take effect.
He said in line with this, the executive will forward an amended PIA Bill to the legislative arm proposing18 months extension for the implementation of the Petroleum Industry Act (PIA) that was meant to commence this February.
President Buhari had on 16th August 2021 signed the Petroleum Industry Bill into law.
Buhari’s assent to the bill was sequel to the passage of the Bill by both the Senate and the House of Representatives earlier in July 2021.
The PIA is expected to grow investors’ confidence in Nigeria’s Petroleum Industry and create more employment opportunities for the populace in the host communities.