The Federal Government is proposing to extend the period for the implementation of the removal of subsidy on Premium Motor Spirit (PMS), popularly known as petrol, by 18 months.
The Minister of State for Petroleum Resources, Mr Timipre Sylva, announced this on Tuesday while briefing State House correspondents in Abuja. He disclosed that the government has concluded plans to approach the National Assembly to amend the Petroleum Industry Act (PIA).
“We are proposing an 18-month extension but what the National Assembly is going to approve is up to them,” the minister said. “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 they see it.
“With assent by the President on August 16, 2021, the PMS subsidy removal was therefore expected to take place effective February 16, 2022. However, following extensive consultations with all key stakeholders within and outside the government, it has been agreed that the implementation period for the removal of the subsidy should be extended.