Fuel Subsidy: NNPC Reacts
The Nigerian National Petroleum Company Limited has opened up on the removal of fuel subsidy.
The company made its response known after the announcement of the decision to remove the subsidy by the new President Bola Tinubu on Monday.
The president had announced on Monday that subsidy was gone. He said the policy is no longer sustainable in the face of drying resources.
Tinubu had said revenues freed from the decision would be channeled to other uses such development of agriculture, education and provision of more infrastructure
Declaring that NNPC Limited we welcome the decision by the Federal Government to remove subsidies on PMS while addressing a press conference, the Group Chief Executive Officer of the company, Mallam Mele Kyari said subsidy has been a burden on NNPC Limited’s cash flow.
He agreed that the removal of it,will free up funds to enable optimal operations within the company.
On the scarcity already being experienced, he assured Nigerians of a sufficient supply of the product. He said that the NNPC Limited is also monitoring all its distribution networks to ensure compliance.