The Nigerian National Petroleum Company Limited (NNPCL) has said it is in support of the pronouncement of President Bola Tinubu on the removal of fuel subsidy.
The President, in his inaugural address on Monday, had declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment was no longer justifiable.
In an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians that the move was in the best interest of the company.
According to the GCEO of NNPCL, Mele Kyari, the company has been spending a substantial amount of its profits in the subsidy of the product.
Kyari said there was no need for panic buying as fuel queues had been noticed in some areas across the country.
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.
Mele Kyari assured Nigerians of sufficient petroleum products amid the growing queues across the country.