President Bola Tinubu’s announcement regarding the elimination of fuel subsidies has been welcomed by the Nigerian National Petroleum Company Limited (NNPC).
In his inauguration address on Monday, the President announced an end to the subsidy payment era, stating that because fuel subsidies were not included in the 2023 budget, additional payments were no longer warranted.
NNPC informed Nigerians that the action was in the company’s best interest during a news conference held in response to the crisis at the NNPC Towers in Abuja.
Mele Kyari, the company’s GCEO, claims that the business has been subsidising the goods with a large portion of its profits.
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
