The Nigerian National Petroleum Company Limited (NNPCL) has expressed its satisfaction with the decision made by the Federal Government to eliminate the subsidy on Premium Motor Spirit (PMS), which is also known as petrol.
On Monday, President Bola Tinubu announced the elimination of fuel subsidies as the first policy directive issued under his administration.
During his first speech as President of Nigeria, he revealed this information to the audience.
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In light of the diminishing availability of resources, he maintains that subsidies can no longer be used to rationalize the ever-increasing costs they incur.
Following an urgent meeting in Abuja, Mallam Mele Kyari, the 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 optimal operations within the company. The subsidy had been a burden on NNPCL cash flow.
In response to the fuel shortage that had already begun to be felt almost immediately after the presidential pronouncement, Kyari gave the Nigerian people his assurance that there would be a sufficient supply of the product.
He also mentioned that the NNPCL was keeping a close eye on all of its distribution networks to guarantee that they were in compliance.
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