The Nigerian National Petroleum Company Limited (NNPCL) has supported the removal of fuel subsidy.
This is as the NNPC threwn its weight behind President Bola Tinubu’s announcement removing fuel subsidy on Monday.
Tinubu had Monday declared an end to the era of subsidy payment, citing the absence of any provision in the 2023 budget for fuel subsidy.
The NNPCL believed that the move was in the best interest of the company, which has been spending a significant portion of its profits on the subsidy of the product.
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In an emergency press conference at the NNPC Towers, Abuja, the Group Chief Executive Officer (GCEO) of the company, Mele Kyari, assured Nigerians that there was no need for panic buying as fuel queues have been noticed in some areas of the FCT.
Kyari explained that the company has enough products to supply the country for the next 30 days, and it is monitoring its supply and distribution networks around the country.
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NNPCL added that though the decision may cause concern among some Nigerians, the removal of fuel subsidy was a necessary step towards the growth and development of the country’s economy.
