The Nigerian National Petroleum Corporation Limited (NNPCL) has reacted to the pronouncement of President Bola Tinubu on the payment of fuel subsidy.
Recall that Tinubu was sworn in as President on Monday and during his inaugural speech, he announced the federal government will no more make payments for fuel subsidy.
Reacting, the Group Chief Executive Officer (GCEO) of NNPCL, Mallam Mele Kyari noted that the payment of fuel subsidy had been a burden on the corporation’s cash flow.
Addressing the press, Kyari stressed the removal of subsidy will free up funds to enable optimal operations within the company.
“NNPC Limited welcomes the decision by the Federal Government to remove subsidies on PMS.
“The removal of the subsidy, which has been a burden on NNPC Limited’s cash flow, will free up funds to enable optimal operations within the company,” he said.
Reacting to the scarcity already being experienced, he assured Nigerians of a sufficient supply of the product.
“NNPC Limited is also monitoring all its distribution networks to ensure compliance,” Kyari added.