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NNPC backs Tinubu on fuel subsidy removal

Written by on May 30, 2023

The Nigerian National Petroleum Company Limited, NNPCL, has welcomed the pronouncement of President Bola Tinubu on the removal of fuel subsidy.

The President, in his inaugural address yesterday declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment was no longer justifiable.

Responding in an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians that the move was in the best interest of the company.

According to the GCEO of the company, Mele Kyari, the company has been spending a substantial amount of its profits in the subsidy of the product.

Kyari however says there was no need for panic buying as fuel queues had been noticed in some areas of the FCT.

On the contrary, the Independent Petroleum Marketers Association of Nigeria has opposed the plan by President Bola Tinubu to enforce his predecessor’s decision to remove fuel subsidy by June ending.

Reacting to President Tinubu’s speech, IPMAN says it was opposed to the new president’s subsidy removal plan.

The National Publicic Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, says the new government should dialogue with marketers before taking the decision to remove subsidy.

He says IPMAN was ready to work with the new government and would proffer measures to address the fuel subsidy regime, instead of effecting an outright halt in subsidy.

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