President Bola Tinubu’s decision to remove fuel subsidy has received backing from the Group Chief Executive Officer of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kyari.
Ripples Nigeria had reported that Tinubu plans to end fuel subsidy after announcing during his inauguration speech that he would accept the recommendation of the previous administration in that direction.
His predecessor, Muhammadu Buhari, had recommended that subsidy should be phased out after the first half (H1) of 2023, disclosing that fuel was only subsidised for the first six months of this year in the 2023 budget.
Tinubu echoed Buhari’s administration’s stance that fuel should no longer be subsidised beyond June 2023., and Kyari stated that the decision will affect the operation of NNPC positively.
NNPC will become a viable business entity should fuel subsidy be removed as assured by Tinubu, Kyari said during a briefing on Monday.
“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.
He went on to assure Nigerians that they shouldn’t buy fuel in panic after queues resurfaced in petrol stations on Monday.
“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,” Kyari stated.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...
FEATURE…Missing Rig Workers: Tragedy, Injustice and the Depthwize cabal
The serene landscape of Ovhor in Delta State bore witness to a disaster that shook the nation’s conscience. The capsize...
FEATURE… In the shadow of kidnappers: The story of Nigeria’s albatross
For decades, Nigeria has been grappling with a problem that has threatened the safety and stability of its people: kidnapping....
FEATURE: The falling standard of education in Nigeria today: Whose Fault?
Over the years, education has proven to be the fulcrum facilitating national development in any state. Through education, knowledge is...
INVESTIGATION: Failed multi-million naira constituency water projects litter Sokoto communities
Many rural communities in Sokoto State are at the risk of an outbreak of diarrhea and other diseases due to...