President Muhammadu Buhari has approved the suspension of the removal of fuel subsidy indefinitely.
The fuel subsidy removal which was scheduled for June 2022 following the signing of the Petroleum Industry Act, has now been postponed till further notice to ensure modalities are in place to help Nigerians cushion the effect of the removal.
The statement was made by the Minister of Petroleum Resources, Chief Timipre Sylva in a briefing with State House Correspondents on Tuesday, 25th January 2022.
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He said, “We don’t intend to remove subsidy now. That is why are making this announcement.
“We also see the legal implication. There is six months provision in the PIA which will expire in February and that is why we are coming out to say that before the expiration of this time, as I said earlier, we will engage the legislature. We believe that this will go to the legislature, we are applying for amendment of the law so that we would still be within the law.
“We are proposing an 18 months extension but what the National Assembly is going to approve is up to them. We would approve an 18 months extension and then it is up to the National Assembly to look at it and pass the amendment as they see it.
“Somebody mentioned here the possibility of gradual increase, that is not on the table as well. Gradual or increment in whatever guise is not on the table.
“We are going to see how to rejig the law, this is not going to be the only amendment to the PIA. A few months ago, the President already proposed an amendment to the law.“