BREAKING: FG Proposes Extension Of Fuel Subsidy Removal By 18 Months, Seeks To Amend PIA

BREAKING: FG Proposes Extension Of Fuel Subsidy Removal By 18 Months, Seeks To Amend PIA
Timipre Sylva

The Federal Government is proposing to extend the period for the implementation of the removal of subsidy on Premium Motor Spirit (PMS), popularly known as petrol, by 18 months.

Minister of State for Petroleum Resources, Timipre Sylva, announced this on Tuesday while briefing State House correspondents in Abuja.

He disclosed that 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.

Also Read: Olumide Akpata: Decision To Postpone Petrol Subsidy Removal Linked To 2023 Elections

“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.”

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