The Nigerian
National Petroleum Company Limited (NNPC Ltd) says the decision to
remove subsidy on petrol, popularly called fuel, by President Bola Tinubu is for
the betterment of the economy and entirety of the country.
The Group Chief Executive Officer (GCEO), NNPC Ltd, Mele Kyari, made
this known at the NNPC Ltd. Towers in Abuja while briefing journalists late
Monday night after the pronouncement by the president.
According to reports, Mr Tinubu, at his inauguration as the President of
the Federal Republic of Nigeria on Monday, said the subsidy regime will end
with the commencement of his administration.
Mr Kyari, while addressing journalists said the removal of the subsidy
which had been a burden on NNPC’s cash flow, would free up funds to enable
optimal operations in the company.
“Subsidy has been a major challenge for NNPC’s continuous operations. We
believe that this will free up resources to enable us continue to do great work
and function as a commercial entity, we welcome this development,’’ he said.
Reacting to queues and scarcity already being
experienced, the GCO assured Nigerians of a sufficient supply of products
particularly petrol, adding that the company has over 30 days of petrol storage
and supply.
“There is no reason to panic, we understand that people will be scared
of potential changes in price of petrol, that is not enough for people to rush
to buy more than they need,’’ he added.
He however appealed to Nigerians not to be scared or indulge in panic
buying.
