The Nigerian National Petroleum Company Limited has welcomed the pronouncement of President Bola Tinubu on the removal of fuel subsidy.

NNPC has urged Nigerians to stay calm and not to panic buy fuel. They assert that the removal of fuel subsidy is in the best interest of the country and that it will help to improve the economy. The company has also said that it is working to ensure that there is no shortage of fuel in the country.

In his inaugural address on Monday, President Bola Ahmed Tinubu declared an end to the era of subsidy payment, stating that the 2023 budget did not provide for fuel subsidy, making further payment unjustifiable.

Responding to this, the NNPC held an emergency press conference at the NNPC Towers in Abuja, stating that the move was in the company’s best interest.

The GCEO of the company, Mele Kyari, explained that the company had been spending a significant portion of its profits on the product subsidy. However, He assured Nigerians that there was no need for panic buying as the company had enough product to supply the country for the next 30 days.

He also stated that the company was monitoring its supply and distribution networks around the country.

The Federal Government had earlier announced that it would cease fuel subsidy payments by the end of June during the tenure of former President Muhammadu Buhari. The then Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated that the government had allocated N3.36 trillion for fuel subsidy payments in the first six months of 2023 in the 2023 fiscal period. This was in line with the 18-month extension that was announced earlier in 2022.