Breaking: President Buhari Approves Suspension Of Fuel Subsidy Removal

Nigeria’s president, Muhammadu Buhari has yielded to the suspension of the removal of fuel subsidy until further notice.

The Minister of State, Petroleum Resources, Timipre Sylva made this known after meeting with President Muhammadu Buhari.

Speaking to the State House Correspondents, the minister said the executive will propose 18 months extension to National Assembly for the implementation of the Petroleum Industry Act (PIA) that was meant to commence by February.

On the 16th August, 2021, President Buhari signed the Petroleum Industry Bill into law.

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

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