The Nigerian National Petroleum Company Limited (NNPCL) has praised the Federal Government’s decision to eliminate subsidies on Premium Motor Spirit (PMS), also known as Petrol.
President Bola Tinubu announced the elimination of fuel subsidies in his first policy directive on Monday.
He stated this in his inaugural speech as Nigeria’s new President.
Subsidies, he claims, can no longer justify their ever-increasing costs in the face of depleting resources.
Following an emergency meeting in Abuja, Mallam Mele Kyari, Group Chief Executive Officer (GCEO) of NNPC Limited, stated that the removal of the subsidy, which had been a burden on NNPCL cash flow, will free up funds to enable the company’s optimal operations.
Responding to fuel scarcity that had already occurred almost immediately after the presidential announcement, Kyari assured Nigerians that there would be an adequate supply of the product.
He went on to say that the NNPCL was also monitoring all of its distribution networks for compliance.