FEDERAL GOVERNMENT EXTENDS IMPLEMENTATION PERIOD OF FUEL SUBSIDY REMOVAL BY EIGHTEEN MONTHS

January 26, 2022January 26, 2022 solidadmin

The Federal Government is proposing to extend the period for the implementation of the removal of subsidy on Premium Motor Spirit 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. The Minister said the extension will give all stakeholders time to ensure that the implementation is carried out to ensure all necessary modalities are put place to cushion the effect of the subsidy removal, in line with prevailing economic realities.

Sylva, who chairs the PIA Implementation Committee, stressed that the decision of the executive arm of government to seek an amendment of the law was not politically motivated. He believed other measures such as the Dangote refinery, the Port Harcourt refinery, and other modular refineries will have significantly come on stream by the end of the year. According to him, the new PIA provides for unrestricted market pricing for PMS from the effective date.