The Nigerian National Petroleum Company Limited (NNPCL) has expressed its endorsement of the Federal Government’s decision to remove subsidy on Premium Motor Spirit (PMS), commonly known as Petrol. This move, announced by President Bola Tinubu during his inaugural speech as the new President of Nigeria, has garnered attention and generated discussions across the nation.
Mallam Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Limited, commended the subsidy removal as a necessary step in addressing the escalating costs associated with the subsidy and the strain it has placed on the company’s cash flow. In an emergency meeting held in Abuja, Kyari highlighted that the removal of the subsidy would allow the NNPCL to allocate funds more effectively and optimize its operations.
Addressing concerns regarding fuel scarcity that arose shortly after the presidential announcement, Kyari reassured Nigerians of the NNPCL’s commitment to ensuring sufficient supply of the product. The company is actively monitoring its distribution networks to guarantee compliance and prevent any disruptions that may impact the availability of petrol.
The Nigerian National Petroleum Company Limited (NNPCL) has voiced its support for the removal of fuel subsidy, emphasizing its positive implications for the company’s financial stability and operational efficiency. Additionally, the NNPCL remains dedicated to addressing any fuel scarcity challenges and ensuring that the availability of petrol is sustained throughout the nation.