TheCable

Senate President Ahmad Lawan has called on President Muhammadu Buhari to transmit a bill to the national assembly to amend the Petroleum Industry Act (PIA).

Lawan said this on Wednesday in his remarks on Buhari’s request for the amendment of the 2022 Appropriation Act.

The senate passed the amendment bill for the second reading and referred to the committee on appropriation.

Lawan said a request by the executive for an amendment to the PIA would enable the national assembly to extend the subsidy regime in the PIA.

This, he said, would 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 sum of N443 billion is presently allocated for fuel subsidy in 2022 from January till June.

In January, the Nigerian National Petroleum Company (NNPC) Limited expended N210 billion on subsidy.

“This is an opportunity for me to speak to 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,” NAN quoted Lawan as saying.

“The Act itself says something else, that there will be no subsidy. If we approve for subsidy in the 2022 Appropriation Act Amendment Bill to us, then it means we have to extend the period in which government will provide subsidy up to the point this subsidy we approve (N2.557 trillion) would last.

“So, there is a need to come up with the request for amendment.

“Our Gas and Oil related committees should work with the executive side of government to get that sorted as soon as possible so that what we do is appropriate and is lawful and legal.”

The federal government had proposed an 18-month extension to the national assembly for PIA implementation.