The Nigerian National Petroleum Company Limited (NNPCL) has welcomed the pronouncement of President Bola Tinubu on the removal of fuel subsidy.
The President, in his inaugural address on Monday, had declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment was no longer justifiable.
Responding in an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians that the move was in the best interest of the company.
According to the GCEO of the company, Mele Kyari, the company has been spending a substantial amount of its profits in the subsidy of the product
Kyari however said there was no need for panic buying as fuel queues had been noticed in some areas of the FCT.
He noted that the company had enough product to supply the country for the next 30 days, adding that it was monitoring its supply and distribution networks around the country.
Under the former President Muhammadu Buhari, the Federal Government announced in January that it would stop the payment of fuel subsidy by the end of June.
The then Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed that in the 2023 fiscal period, the government had made provisions of N3.36 trillion for fuel subsidy payment to cover the first six months of this year.
This, she stated, was in line with the 18-month extension announced in early 2022.
