ABUJA- Nigeria plans to amend its newly-signed petroleum law after a decision to suspend the removal of subsidies, its junior oil minister said on Tuesday.
Timipre Sylva told reporters on Tuesday that the government was not "contemplating removing fuel subsidies," he said in Abuja following a meeting with President Muhammadu Buhari.
"As regards the Petroleum Industry Law ... there is going to be an amendment ... because of this development."
Nigeria's finance minister on Monday said the government had decided to suspend plans to remove its long-standing subsidy on petroleum products in July, because the timing was "problematic" amid rising inflation.
With a presidential election set for early next year, removing the subsidy would have been a politically sensitive move. Nigeria faces double-digit inflation in the wake of a weaker currency and fragile economic growth, which could further worsen if the subsidy was scrapped, analysts say.
(Reporting by Felix Onah; Writing by Chijioke Ohuocha; Editing by Jon Boyle and Louise Heavens) ((email@example.com; +234 703 4180 621; Reuters Messaging: firstname.lastname@example.org))