Fakoyejo OlalekanThe Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari, has backed President Bola Tinubu for his stance on the removal of fuel subsidy.
On Monday, during his inauguration speech, Tinubu assured that his administration will not be subsidising fuel, stating that there’s no justification for it.
The immediate past President, Muhammadu Buhari, only budgeted for fuel subsidy between January to June 2023, with the former Minister of Finance, Zainab Ahmed, disclosing that Tinubu will decide if the subsidy should be extended till the end of this year or be discontinued at the end of June.
Following Tinubu’s statement at his swearing-in ceremony, Kyari said the NNPC support the decision to phase out subsidy, as it will enable the NNPC to function as a viable commercial entity.
He revealed his support on Monday, according to reports released on Tuesday, “We have been funding the subsidy from the cash flow of the NNPC since government is unable to defray the costs of subsidy that is due to the cooperation and we believe that this will free resources for the NNPC to continue to do the great work that this company will do for our country, and it allows us to continue to function as a very commercial entity that will work on this development,” Kyari said.
Queues have resurfaced in filling stations following the announcement by Tinubu, some retailers closed their operations, while panic buying overwhelmed others that remain open.
The NNPC boss cautioned against panic buying, saying there is sufficient supply of petroleum products, “Secondly, we would like to assure Nigerians that we have sufficient supply of petroleum product, particularly premium motor spirit in our country. And there is no reason to panic.
“We understand people will be scared of potential changes to price of petrol, but that is not enough for people to rush to fuel stations to buy more than what they need.”
He said normalcy will be restored very soon, as the NNPC is monitoring all the distribution networks and support facilities in the country.
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