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NNPC backs Tinubu on fuel subsidy removal, says no need for panic buying

By Uchechi Ojo May 30, 2023164 views

The Nigerian National Petroleum Company Limited (NNPCL) has welcomed the pronouncement of President Bola Tinubu on the removal of fuel subsidy.

The President, in his inaugural address on Monday, had declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment was no longer justifiable.

Responding in an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians that the move was in the best interest of the company.

According to the GCEO of the company, Mele Kyari, the company has been spending a substantial amount of its profits in the subsidy of the product.

Kyari however said there was no need for panic buying as fuel queues had been noticed in some areas of the FCT.

He noted that the company had enough product to supply the country for the next 30 days, adding that it was monitoring its supply and distribution networks around the country.

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn