Nigeria is considering a strategic delay in the implementation of the newly signed Petroleum Industry Act. This may not be unconnected with the government sudden volte-face on the removal of subsidies on importation of petroleum products.
The Government has therefore disclosed plans to approach the National Assembly for a legislation backing the proposed modification.
It will be to an 18 Months extension to the effective date of the newly signed Petroleum Industry Act.
The Minister of State for Petroleum Resources, Timipre Sylva, announced this on Tuesday while briefing State House correspondents in Abuja.
This is in response to reactions that trailed the Government’s earlier plan to Remove subsidy from petroleum products from July this year.
The Law signed by President Muhammadu Buhari last august contains a provision for elimination of fuel subsidies within six months.
The PIA is expected to grow investors’ confidence in Nigeria’s Petroleum Industry and create more employment opportunities for the populace in the host communities.
Speaking on the new stance by the Government, Sylva says the suspension is to give all the stakeholders time to ensure that the implementation is carried out in a manner that guarantees that all necessary modalities are in place to cushion the effect of the PMS Subsidy removal.
In response, the organized labour says it has called off its proposed nationwide protest.
