The Organised Private Sector (OPS) and the Lagos Chamber of Commerce and Industry (LCCI) have warned of dire consequences of the Federal Government's suspension of the planned withdrawal of the subsidy regime announced on Monday. President Muhammadu Buhari has approved the suspension of the removal of fuel subsidy until further notice and proposed an 18 months extension to the National Assembly for the implementation of the Petroleum Industry Act (PIA). The Minister of State for Petroleum Resources, Timipre Sylva, has stated that government is working to ensure proper structures are in place before such a decision becomes inevitable. CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, warned that the cost of funding the subsidy will be much higher this year due to the surge in crude oil price, and that some states may have to lay off some of their workforce.