- Timipre Sylva has announced the suspension of the planned removal of petrol subsidy until further notice
- The minister of state for petroleum resources on Tuesday, January 25, disclosed to newsmen that President Buhari approved the suspension
- Recall that when the federal government hinted at its intention to remove fuel subsidy, the news generated mixed reactions from several quarters
The Nation reports that Timipre Sylva, the minister of state for petroleum resources, made the disclosure on Tuesday, January 25, to State House correspondents at the Presidential Villa, Abuja.
According to him, the executive will propose an 18-month extension to the National Assembly for the implementation of the Petroleum Industry Act (PIA) meant to take off in February.
FG seeks amendment of 2022 budget
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The government instead of going ahead with the planned fuel subsidy removal will now amend the 2022 Appropriation Act to accommodate the new change to provide for subsidy payments.
The move followed the pressure mounted by the Nigeria Labour Congress which threatened to embark on a nationwide protest.
Plan to postpone petrol subsidy removal
This development is coming a day after the federal government postponed the planned petrol subsidy removal, citing “high inflation and economic hardship”.
Zainab Ahmed, minister of finance, budget, national planning, announced this on Monday, January 24, in Abuja.
The minister made the disclosure at a meeting with the president of the Senate, Ahmad Lawan, saying the government had to reconsider its decision after the 2022 budget was passed.
Buhari's position on removal of petrol subsidy
Earlier, Legit.ng reported that the minister of state for petroleum reacted to reports of President Buhari's plan to remove the subsidy on petrol.
Sylva during Channels Television’s Newsnight revealed that Buhari is not in support of the removal of subsidy on petrol at this time.
According to him, the complete removal of subsidy is not on the federal government's plate, saying they plan to complete consultations before coming out with a clear policy direction on the matter.