President of the Senate, Ahmad Lawan has urged President Muhammadu Buhari to transmit a bill to the National Assembly to amend the Petroleum Industry Act (PIA).
Lawan made the call in his remarks moments before he referred the President’s request for the amendment of the 2022 Appropriation Act to the Committee on Appropriation after the bill scaled second reading.
According to him, a request seeking an amendment to the PIA would enable the National Assembly extend the subsidy regime in the Petroleum Industry Act to be in line with the President’s request for an additional N2.557 trillion naira to cover fuel subsidy in the 2022 budget from July this year.
The present subsidy regime is expected to elapse in June 2022, in accordance with the provisions of the Petroleum Industry Act.
President Muhammadu Buhari, in a letter to the National Assembly dated 10th of February, 2022, requested it to make an additional provision for N2.557 trillion naira to fund petrol subsidy in the 2022 Budget Framework from July this year.
Lawan, therefore, mandated the relevant Oil and Gas Committees of the National Assembly to engage the Executive on a bill to amend the PIA to align with the President’s request.
Bashir M
