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Senate President Ahmad Lawan, on Wednesday 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 before referring the President’s request for the amendment of the 2022 Appropriation Act to the Committee on Appropriation after the bill scaled second reading.
Lawan said a request seeking for an amendment to the PIA would enable the National Assembly extend the subsidy regime in the Petroleum Industry Act.
This, he said will be in line with the President’s request for an additional N2.557 trillion 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.
Buhari, in a letter to the National Assembly dated February 10 requested for an additional provision for N2.557 trillion 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.
“This is an opportunity for me to speak on the issue of the Executive sending a request for the amendment of the Petroleum Industry Act to extend the provision of the fuel subsidy which is also requested in the amendment of the 2022 Appropriation Act.”
