Nigeria: NNPCL Backs Fuel Subsidy Removal, Promises to Sustain Product Availability

Premium Times
(file photo).
30 May 2023
Leadership (Abuja)
By Chika Izuora

The Nigerian National Petroleum Company Limited (NNPCL), has applauded the decision by the Federal Government to remove subsidy on Premium Motor Spirit (PMS), also called Petrol.

In the first policy directive of his administration, President Bola Tinubu, on Monday, had announced the removal of fuel subsidy.

He disclosed this in his inaugural speech as the new President of Nigeria.

According to him, subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

After an emergency meeting in Abuja, the Group Chief Executive Officer (GCEO) of NNPC Limited, Mallam Mele Kyari, noted that the removal of the subsidy, which had been a burden on NNPCL cash flow, will free up funds to enable optimal operations in the company.

Reacting to fuel scarcity already being experienced almost after the presidential pronouncement, Kyari assured Nigerians of sufficient supply of the product.

He added that the NNPCL was also monitoring all its distribution networks to ensure compliance.

Read the original article on Leadership.

Tagged:
Copyright © 2023 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.