• Oil & Gas - News
  • Updated: May 30, 2023

Fuel Subsidy Removal: NNPC Backs Tinubu, Says No Reason For Panic Buying

The Nigerian National Petroleum Company Limited (NNPCL) has praised President Bola Tinubu's announcement about the elimination of fuel subsidies.

The President proclaimed the end of the subsidy payment period in his inaugural address on Monday, stating that additional payments were no longer necessary because the 2023 budget did not include funding for fuel subsidies.

In response, NNPCL informed Nigerians that the action was in the company's best interest at an emergency news conference at the NNPC Towers, Abuja.

Mele Kyari, the company's GCEO, claims that a large portion of the proceeds have been used to subsidise the product.

Kyari, however, asserted that there was no need to buy in a hurry because petrol lines had been seen in certain parts of the FCT.

He stated that the corporation was keeping an eye on its supply and distribution networks across the nation and that it had enough merchandise to feed the nation for the following 30 days.

The Group Chief Executive Officer of NNPCL, Mele Kyari, has praised President Bola Tinubu's decision to end gasoline subsidies and has assured Nigerians that there would be enough petroleum products available despite the huge lines that have formed throughout the nation.

The Federal Government under previous President Muhammadu Buhari declared in January that it will discontinue providing gasoline subsidies by the end of June.

Zainab Ahmed, who was the finance, budget, and national planning minister at the time, said that the government had set aside N3.36 trillion for gasoline subsidy payments to cover the first half of this year during the 2023 fiscal term.

She said that this was consistent with the 18-month extension announced at the beginning of 2022.

Related Topics

Join our Telegram platform to get news update Join Now
Lawrence Agbo
Lawrence Agbo

Lawrence is a vibrant digital journalist that loves creating SEO-focused content that drives busines...

More From this Author


anino international plc Oil & Gas

Anino International Plc manufactures and markets a range of nutritional suppleme...

ardova plc Oil & Gas

Ardova Plc, formerly Forte oil, was founded in 1964 as British Petroleum. After ...

eterna plc Oil & Gas

Eterna plc was incorporated on the 13th of January 1989 as Eterna Oil & Gas ...


0 Comment(s)


See this post in...