UPDATED: Buhari Suspends Petrol Subsidy Removal Indefinitely

Deji Adebayo, Abuja

President Muhammadu Buhari has on Tuesday, January 25, 2022 approved the suspension of the planned removal of petroleum products’ subsidy indefinitely.

The Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed this to State House Correspondents at the Presidential Villa, Abuja, today.

According to the Minister, the executive will propose 18-month extension to National Assembly for the implementation of the Petroleum Industry Act (PIA) meant to takeoff in February.

Recall that Buhari on August 16, 2021 signed the Petroleum Industry Bill into law.

Buhari’s assent to the bill was in furtherance to the passage of the Bill by the Senate and the House of Representatives in July 2021.

The PIA is expectedly to grow investors’ confidence in Petroleum Industry and create more employment opportunities for indigenes of the host communities.

More Details Later…