The removal of the fuel subsidy will be the worry of the next Nigerian government as the Federal Government says it would approach the National Assembly with a Bill to delay the implementation of the Petroleum Industry Act for another 18 months.

What this means is that the incoming administration will have to worry about fuel subsidy removal as the President Muhammadu Buhari-led regime would have elapsed before then.

With this, the Buhari-led administration would be dumping the responsibility of taking a decision on removal of the fuel subsidy to the next government.

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at a press conference on Tuesday in Abuja, and confirmed the temporary suspension on the proposal to eliminate payment of fuel subsidies.

The minister disclosed that the government was planning to send a Bill to the National Assembly for an amendment of the Petroleum Industry Act (PIA) with a proposal to extend its implementation by 18 months, a period by which the present administration would have handed over power to another administration.

“The NNPC limited and any of its subsidiaries shall conduct their affairs on a commercial basis in a profitable and efficient manner without recourse to government funds. The organisation shall retain 20% of its funds to grow its business,” a section of the PIA read.

During the conference, Sylva stated that there was already a provision within the PIA which empowers the Federal Government to effect the total removal of fuel subsidies.

However, this mandate had to be suspended due to the lack of requisite infrastructures necessary to mitigate its effects on the populace.

“There is already a provision in the law but because President Muhammadu Buhari is concerned about the plight of the people, he believes that the impact the removal of subsidy will have on the people should be mitigated by putting the right structures in place — these structures are not in place.

“The modalities to ensure refineries are revamped are in place. The Dangote Refinery will commence at the end of the year; the Port-Harcourt refinery will also be functional at some capacity.

“There is a scheme to ensure the introduction of auto gas for automobiles with the conversion of one million cars by April with corresponding stations. We have discussed with manufacturers who are willing to set up the requisite infrastructure so it is a 50-50 arrangement which has been concluded.

“Thereafter, Nigerian marketers will be able to access the funding in order to ensure a widespread ripple effect. All these will come together before the removal of fuel subsidy.

“All these have to be in place before the removal of subsidies; also the introduction of palliatives by the Finance Minister.

https://newsroundtheclock.com/the-federal-government-has-shifted-the-removal-of-fuel-subsidy-to-the-next-government/

Good decision.

After all the promises...

If you had allowed the last administration did it. I'm sure we would've moved past the agony by now

Of course,the cattle rearer with his breed of same corrupt,incompetent maroons have acted as expected.
Knowing his legacy will be that of pain,bloodshed,insecurity, gnashing of teeth,extreme poverty and sorrow,he would expectedly be taking nonsensical,unviable,but populist actions to win appeal from almajiris and zombies of same dull mindset as his incredibly disastrous regime winds down.
When your economic policies or non policies rather,has made the Naira worthless,how long would you be paying for subsidy that your same goverment via extreme Naira devaluation and corruption,increased about 3-4 fold?
GEJ attempted increasing petrol price by some percentage to free money to fund critical infrastructure and development plans and all hell broke loose in Nigeria.
But this Buhari government through the complacency and cowardice of the labour Unions and the general populace,has enjoyed the greatest percentage increases in the price of petrol,has seen to the increase of cost of electricity by almost 100%,has increased VAT and increases in other fees,levies never before enjoyed by ANY previous goverment in Nigeria,yet no single improvement in any of these sectors.
By the way,this is not about 2023 as many people are saying,but simply this: Dangote refinery will soon come on stream,likely before 2023 according to news reports.Dangote of course would not sell fuel at ₦145 or so because it makes no economic sense.It has to recoup its investment and pay its massive debts.It will sell at 'sustainable market price,likely above ₦300 at a start.
Being a private enterprise the government will say it cannot dictate at what price Dangote should sell fuel.The goverment through CBN will tell petrol importers it can't be giving them dollar @ CBN rate to import fuel,that they can import,but have to source for their own dollars.Dollar would of course be unavailable or d ones that can source will find out they can't sell at anything less than ₦350 to make a profit.Automatically,they all start buying from Dangote and automatically petrol subsidy ends.
By 2024 Dangote starts selling at "market determined rate" and to "discourage fuel smuggling across the border".Fuel becomes ₦400-₦500 as market determines.
So this goverment having been given this template just has to bear it a few more months.Meanwhile zombies and dummies are already hailing him as a compassionate leader!
Buhari has so brainwashed some people with cowdung that even if he tells them they should sacrifice their parents to make heaven,they will!!

We told you it was about elections and nothing else

Bucky001:
If you had allowed the last administration did it. I'm sure we would've moved past the agony by now

You people seem to have forgotten Buhari claimed to have removed this same subsidy

So in M.I, Apc subsidy removal before they got power na Sakamaje.