FG Extends Fuel Subsidy Removal By 18months
Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House Correspondents on Tuesday during a special briefing on fuel subsidy organised by the Presidential Communication Team at the Presidential Villa, Abuja.
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 explained, “We don’t intend to remove subsidies now. That is why I am making this announcement. We also see the legal implication. There is a six-month provision in the PIA that will expire in February and that is why we are coming out to say that before the expiration of this time, as I said earlier, we will engage the legislature.
“We believe that this will go to the legislature, we are applying for amendment of the law so that we would still be within the law.
“We are proposing an 18-months extension but what the National Assembly is going to approve is up to them. We would approve an 18-months extension and then it is up to the National Assembly to look at it and pass the amendment as they see it.”
About a possible gradual increase in fuel prices in the coming months, he said “that is not on the table as well. Gradual or increment in whatever guise is not on the table.