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  • Oil & Gas - News
  • Updated: January 25, 2022

FG Retains Fuel Subsidy Removal, Seeks To Amend PIA

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Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

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The Federal Government has announced its intention to extend its suspension of the removal of fuel subsidy by 18 months.

The Minister of State for Petroleum Resources, Timipre Sylva, announced this on Tuesday while briefing State House correspondents in Abuja.

He disclosed that the government said it was going back to the National Assembly to seek the amendment of the Petroleum Industry Act (PIA).

According to him, the extension will give all stakeholders time to ensure that the implementation is carried out in a manner that ensures all necessary modalities are in place to cushion the effect of the PMS subsidy removal, in line with prevailing economic realities.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, announced the decision to suspend subsidy removal during a meeting with Senate President Ahmad Lawan.  

Ahmed earlier said that the current subsidy regime on petrol price would end by June citing the Petroleum Industry Act (PIA), which provided for full deregulation of the petroleum sector and without a provision in the 2022 budget beyond June.

Experts have predicted that the removal of the subsidy will see fuel price rise from the N162 or N165 official price band to over N300.

Meanwhile, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had envisaged that the planned removal of subsidy would cause more hardship for Nigerians and have fixed January 27 to February 1 for a nationwide protest against the move.

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Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant journalist that loves creating SEO-focused content that drives businesses. ...

More From this Author

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