The Nigerian National Petroleum Company Limited (NNPCL) has expressed its support for President Bola Tinubu’s recent pronouncement on the removal of fuel subsidy.
In his inaugural address on Monday, President Tinubu declared an end to the era of subsidy payment, citing the absence of any provision for fuel subsidy in the 2023 budget.
During an emergency press conference held at the NNPC Towers in Abuja, the NNPCL conveyed its stance on the matter, emphasizing that the decision was taken in the best interest of the company and the nation at large.
Mele Kyari, the Group Chief Executive Officer of NNPCL, addressed concerns surrounding the subsidy removal and shed light on the company’s perspective.
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He revealed that the company had been channeling a significant portion of its profits into subsidizing the cost of fuel.
Kyari highlighted the financial strain this imposed on the company and emphasized the need for a sustainable approach in order to ensure the long-term stability of the nation’s energy sector.
While acknowledging reports of fuel queues in some areas of the Federal Capital Territory (FCT), Kyari reassured Nigerians that there was no cause for panic buying.
He assured the public that the NNPCL had an ample supply of fuel to cater to the country’s demands for the next 30 days.
Furthermore, he stated that the company was closely monitoring its supply and distribution networks nationwide to prevent any disruptions.