The Nigerian National Petroleum Company Limited has welcomed President Bola Tinubu's pronouncement on removing fuel subsidies.
The President, in his inaugural address, had declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further amount was no longer justifiable.
The GCEO of the company, Mele Kyari, says the company has been spending a substantial amount of its profits in the subsidy of the product
Kyari however said there was no need for panic buying as fuel queues had been noticed in some areas of the FCT.
He noted that the company had enough product to supply the country for the next 30 days, adding that it was monitoring its supply and distribution networks around the country.