The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited Mr. Mele Kyari says the decision to remove the subsidy on Premium Motor Spirit (PMS) by the President is a welcome development.
The GCEO of NNPCL said this at a Media briefing shortly after the pronouncement by the President Asiwaju Bola Ahmed Tinubu.
The President, in his inaugural address on Monday, had 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 said there was no need for panic buying as fuel queues had been noticed in some areas of the FCT.
He noted that the company had enough product to supply the country for the next 30 days, adding that it was monitoring its supply and distribution networks around the country.
