President Muhammadu Buhari has approved the indefinite suspension of the planned removal of petroleum products’ subsidy.
This was disclosed to State House Correspondents on Tuesday by the Minister of State for Petroleum Resources Chief Timipre Sylva, at the Presidential Villa, Abuja.
According to the Minister, the executive will propose 18-month extension to National Assembly for the implementation of the Petroleum Industry Act (PIA) meant to takeoff in February.
Buhari on August 16, 2021 signed the Petroleum Industry Bill into law.
Buhari’s assent to the bill was in furtherance to the passage of the Bill by the Senate and the House of Representatives in July 2021.
The PIA is expectedly to grow investors’ confidence in Petroleum Industry and create more employment opportunities for indigenes of the host communities.
The PIA puts issues of petroleum pricing in the hands of the now privatized NNPC, for appropriate regulation by market forces.