NNPC backs Tinubu on fuel subsidy removal, to develop implementation framework
The Nigeria National Petroleum Company (NNPC) Limited has backed the decision of President Bola Tinubu to remove the subsidy on Premium Motor Spirit (PMS), noting that it is a welcome development.
The Group Chief Executive Officer (GCEO) of the NNPC, Mr. Mele Kyari stated this during a press briefing shortly after the pronouncement by Tinubu
Tinubu had in his inaugural speech at the Eagles Square abolished fuel subsidy in Nigeria, saying it is no longer sustainable
He had said, “On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy. Fuel subsidy is gone.”
Reacting to the development, Kyari said the subsidy burden which has been placed on the NNPC Limited is affecting the company’s cashflow and threatening its sustainability plans due to the federal government’s inability to refund the subsidy claims.
He added that NNPC as a limited liability company cannot continue to bear the burden of subsidy on behalf of the federation if it must deliver dividends to its shareholders and be profitable
