The Nigerian National Petroleum Company Limited (NNPCL) has applauded the pronouncement by President Bola Tinubu on the removal of fuel subsidy.
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 is no longer justifiable.
Responding in an emergency press conference at the NNPC Towers, Abuja, NNPC said the decision is in the best interest of the company.
According to its Group Managing Director Mele Kyari, the company has been spending a substantial amount of its profits in subsidizing the product.
Kyari, however, said there is no need for panic buying as fuel queues have been noticed in some parts of the Federal Capital Territory (FCT).
He noted that the company has enough product to supply the country for the next 30 days, adding that it is monitoring its supply and distribution networks around the country.