By John Ikani
The Nigerian National Petroleum Company Limited (NNPCL) has expressed its support for President Bola Tinubu’s announcement of the removal of fuel subsidy.
During his inaugural address on Monday, President Tinubu firmly declared an end to the era of subsidy payments, emphasizing that the 2023 budget does not allocate any funds for fuel subsidies, thereby rendering further payments unjustifiable.
Responding promptly to the President’s announcement, the NNPCL held an urgent press conference at the NNPCL Towers in Abuja, stating that the company fully supports this strategic move, recognizing its long-term benefits.
According to the NNPC, the removal of fuel subsidy serves the best interests of the nation and promises to bolster the economy.
Mele Kyari, the GCEO of the NNPC, explained that the company had been allocating a significant portion of its profits towards fuel subsidies.
The NNPCL boss went on to reassure Nigerians that there is no need to engage in panic buying, stressing that the NNPCL possesses an ample supply of fuel to sustain the country for the next 30 days.
He added that the company is diligently monitoring its supply and distribution networks across the nation.
Earlier, the Federal Government had publicized its intention to cease fuel subsidy payments by the end of June, as previously indicated during the tenure of former President Muhammadu Buhari.
The then Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, announced that the government had set aside a substantial sum of N3.36 trillion for fuel subsidy payments in the first half of 2023, in line with the 18-month extension that had been disclosed earlier in 2022.
