The Nigerian National Petroleum Corporation (NNPC) Limited has welcomed the decision of the President Ahmed Bola Tinubu-controlled Federal Government to remove fuel subsidy.
In a press conference in Abuja on Monday, Mele Kyari, the Group Chief Executive Officer (GCEO) of the corporation charged with harnessing Nigeria’s oil and gas reserves, said the corporation was pleased with the decision of President Tinubu to remove the fuel subsidy.
“We welcome the decision of Mr. President to announce that the subsidy on PMS is over, and this has really been a major challenge for NNPC’s continued operations. We have been funding subsidy from the cash flow of the NNPC since the government is unable to defer the cost of subsidy that is due to the corporation,” Kyari said.
Read also: Fuel subsidy is gone, says Tinubu
Burdened by the financial cost of importing fuel, Kyari said that the removal of this subsidy will free up funds to make the NNPC Limited more commercially viable and do great work for the country.
“And we believe that this will be able to free resources for the NNPC to continue to do the great works that this company will do for our country, and it will allow us to function as a very commercial entity, and we welcome this development,” he said.
The Group Chief Executive Officer has assured Nigerians of the supply of petroleum products, informing Nigerians of an abundance of the products, particularly “Petroleum Motor Spirit product in our country, and there is no reason to panic.”
He urged Nigerians not to engage in panic buying as there would be no potential changes in the prices of petroleum products.
He promised that normalcy in the supply chain would be restored as soon as possible.