National News

FG proposes 18-month extension for implementation of Petroleum Industry Act

PIA Act to kick off in February.

The Federal Government has proposed an 18-month extension for the implementation of the Petroleum Industry Act (PIA) originally scheduled to kick off this February.

The Minister of State, Petroleum Resources, Timipre Sylva, announced this Tuesday while addressing State House reporters after a meeting with the President at the Presidential Villa, Abuja.

ALSO READ: Federal government suspends planned petrol subsidy removal till further notice

He said the executive will soon reach the National Assembly over the development.

President Muhammadu Buhari on August 16, 2021, signed the Petroleum Industry Bill into law.

Buhari’s assent to the bill was in furtherance to the passage of the Bill by both the Senate and the House of Representatives earlier in July 2021.

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.

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