President Muhammadu Buhari has approved the suspension of the planned removal of petroleum products’ subsidy until further notice.
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House Correspondents on Tuesday at the Presidential Villa.
Mr. Sylva said the executive will propose 18-month extension to the National Assembly for the implementation of the Petroleum Industry Act (PIA) meant to takeoff in February.
President Buhari signed the Petroleum Industry Bill into law in August 16, 2021.
The PIA is expectedly to grow investors’ confidence in Petroleum Industry and create more employment opportunities for indigenes of the host communities.
On Monday, the Minister of Finance, Budget and National Planning, Zainab Ahmed, had first announced the development during a meeting held at the National Assembly in Abuja.
