President Muhammadu Buhari has approved the suspension of the planned removal of petroleum products’ subsidy until further notice.
This was announced to the State House Correspondents Tuesday by the Minister of State for Petroleum Resources Chief Timipre Sylva at the Presidential Villa, Abuja.
Sylva disclosed that the executive will propose 18-month extension to National Assembly (NASS) for the implementation of the Petroleum Industry Act (PIA) meant to take off in February.
Recall that 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.