The Organised Private Sector (OPS) stated, yesterday, there would be dire consequences in reaction to the Federal Government’s suspension of the planned withdrawal of the subsidy regime announced on Monday.
The warning came from the Lagos Chamber of Commerce and Industry (LCCI) and the Centre for the Promotion of Private Enterprise (CPPE).
This is as President Muhammadu Buhari, yesterday, approved the suspension of the removal of fuel subsidy until further notice and proposed an 18 months extension to the National Assembly for the implementation of the Petroleum Industry Act (PIA) that was billed to go into effect this February.
With this, President Buhari would be abdicating the responsibility of taking a decision on the removal of petrol subsidy, five months after signing the PIA into law on August 16, 2021.
The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to newsmen after he met with the President, stating that no law is cast in stone.
He further revealed that the government was working to ensure that proper structures were on ground, including palliatives, before such a decision would become inevitable.
LCCI said that with the suspension of the planned phase-off of the fuel subsidy regime, Nigerians should expect more borrowings from the government to enable it to carry out its projects.