The Nigerian National Petroleum Company Limited (NNPCL) has expressed support for President Bola Tinubu’s recent statement regarding the removal of fuel subsidy.
In his inaugural address, the President declared an end to the practice of subsidy payments, as the 2023 budget did not allocate funds for them, deeming further payments unjustifiable.
In response, the NNPCL held an emergency press conference at their headquarters in Abuja to reassure Nigerians that this decision was in the best interest of the company.
Mele Kyari, the GCEO of NNPCL, highlighted that the company had been using a significant portion of its profits to subsidize fuel.
Despite reports of fuel queues in certain areas of the Federal Capital Territory (FCT), Kyari assured the public that there was no need for panic buying.
He stated that the company had ample supply to meet the country’s demands for the next 30 days and was closely monitoring its supply and distribution networks nationwide.
Kyari welcomed President Tinubu’s decision on fuel subsidy removal and also reassured Nigerians that there were sufficient petroleum products available amidst the growing queues observed across the country.
It is important to note that the previous administration, under President Muhammadu Buhari, announced its intention to halt fuel subsidy payments by the end of June.
In the 2023 fiscal period, the government had allocated N3.36 trillion for fuel subsidy payments, covering the first six months of the year, as disclosed by the former Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed.
This allocation aligns with the 18-month extension announced in early 2022.
