Nigerian National Petroleum Company Limited has backed President Bola Tinubu’s removal of fuel subsidy.
Gatekeepers News reports that Tinubu, in his inaugural address on Monday, an end to the era of subsidy payment, stating that the 2023 budget did not provide for fuel subsidy, making further payment unjustifiable.
Responding to the pronunciation, the NNPC held an emergency press conference at the NNPC Towers in Abuja.
NNPC urged Nigerians to stay calm and not to panic buy fuel, assuring that the subsidy removal is in the best interest of the country and that it will help to improve the economy.
The petroleum company noted that it is working to ensure no fuel shortage in the country.
The GCEO of the company, Mele Kyari, explained that the company had been spending a significant portion of its profits on the product subsidy.
He also stated that the company was monitoring its supply and distribution networks around the country.
Gatekeepers News reports that the Federal Government, under the administration of Muhammadu Buhari, had earlier announced that it would cease fuel subsidy payments by the end of June.
The then Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that the government had allocated N3.36 trillion for fuel subsidy payments in the first six months of 2023 in the 2023 fiscal period. This was in line with the 18-month extension that was announced earlier in 2022.