The Federal Government is planning to amend the Petroleum Industry Act to adjust the timeline for the implementation of fuel subsidy removal.
The Minister of State for Petroleum Resources, Timipre Sylva said this on Tuesday in Abuja during a media briefing on the current status of the Federal Government’s plan on Premium Motor Spirit Subsidy as regards the implementation of the Petroleum Industry Act.
President Muhammadu Buhari had on August 16, 2021, signed the PIA with the Act providing for the removal of Premium Motor Spirit within six months from the date of assent.
The implication of this is that PMS subsidy removal was therefore expected to take place effective February 16, 2022.
But Sylva said that with the decision to continue the fuel subsidy regime, the Executive will have to propose a fresh amendment of the PIA.
He said the plan of government is to propose an 18 months timeline for continuation of fuel subsidy, adding that the final decision would rest in the National Assembly when the amendment is submitted for parliamentary scrutiny.
He said, “We see the legal implication and there is six months provision in the PIA. We will engage the legislature and we will apply for some amendments of the law.
“We are proposing 18 months extension. and it’s up to the National Assembly to look at it and pass as they deem fit.
“No law is cast in stone; this is not the first amendment of the PIA and it may not be the last. There might be other amendments and we will continue to adjust the law as we operate it.”