President Muhammadu Buhari has approved the suspension of the removal of fuel subsidy until further notice.
The Minister of State, Petroleum Resources, Timipre Sylva, made the disclosure after meeting with President Buhari at the presidential Villa on Tuesday afternoon. Sylva, who spoke to State House correspondents after the meeting, said the executive arm of government will propose 18-month extension to National Assembly to be incorporated in the Petroleum Industry Act 2021.“We also see the legal implication. There is six-month provision in the PIA which will expire in February and that is why we are coming out to to say that before the expiration of this time, as I said earlier, we will engage the legislature.
“We are proposing an 18-month extension but what the National Assembly is going to approve is up to them. We would approve an 18-month extension and then it is up to the National Assembly to look at it and pass the amendment as the see it. “Somebody mentioned here the possibility of gradual increase, that is not on the table as well. Gradual or incremental in whatever guise is not on the table.
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