President Muhammadu Buhari has approved the suspension of the removal of fuel subsidy until further notice.
The Minister of State, Petroleum Resources, Timipre Sylva, disclosed this to newsmen on Tuesday after meeting with the President.
The minister added that the executive was set to propose an 18 month extension to the National Assembly for the implementation of the Petroleum Industry Act, PIA, that was meant to kick-start this February.
The removal of subsidy on petrol (Premium Motor Spirit) was earlier scheduled for June 2022.
Mr Buhari on 16th August 2021 signed the Petroleum Industry Bill into law after it was passed by both the Senate and the House of Representatives in July 2021.
The PIA is expected to boost investors’ confidence in the Petroleum Industry sector and create more employment opportunities for the populace in the host communities.
The Federal Government had claimed that it subsidizes petroleum consumption at the current N162 and N165 per litre as pump price to the tune of N3 trillion yearly.
While announcing plans to remove the subsidy in late 2021, the government said it will dole out N5, 000 to poor Nigerians to ameliorate their likely economic hardships.
