The Nigerian National Petroleum Company Limited (NNPCL) has applauded President Bola Tinubu’s announcement that gasoline subsidies would be phased off.
Fuel Subsidy; In his inauguration address on Monday, President Trump announced the end of the period of subsidy payments, stating that because the 2023 budget had no provision for fuel subsidies, additional payments were no longer justifiable.
In an emergency press conference held at the NNPC Towers in Abuja, NNPCL told Nigerians that the decision was in the best interests of the company.
According to the company’s GCEO, Mele Kyari, the corporation has spent a significant portion of its revenues on product subsidies.
However, Kyari stated that there was no need for panic buying because fuel lines had been observed in several areas.
He stated that the company has enough merchandise to supply the country for the next 30 days, and that the company was monitoring its supply and distribution networks throughout the country.
Mele Kyari, Group Chief Executive Officer of NNPCL, has commended President Bola Tinubu’s decision to remove fuel subsidies, assuring Nigerians of adequate petroleum products despite mounting lineups across the country.