Subsidy Removal: NNPC Cautions Against Panic Buying

  • Posted by : ACJ
  • Category: Economy
  • Tuesday 30th of May 2023

The Nigeria National Petroleum Company Ltd, NNPC Ltd, has urged Nigerians against resorting to products buying following the removal of subsidy announced by President Bola Tinubu on Monday.

AbujaCityJournal earlier reported that the newly installed President had during his inaugural speech announced the removal of the subsidy.

There has been spontaneous reactions to the policy in cities across where filling stations stopped selling products and thereby causing immediate scarcity.

Responding to this development, the CEO NNPC Ltd, Mele Kyari, said he welcomed Tinubu's decision saying it will free up funds to enable the company to operate optimally. 

Kyari added that the subsidy has been a great challenge for NNPC's operations and the removal will ensure the company functions as a commercial entity. 

The CEO also assured Nigerians that there will be a sufficient supply of petrol and other petroleum products and urged citizens not to panic or indulge in panic buying. 

The NNPC Ltd. is also in discussions with the Nigeria Midstream and Downstream Petroleum Regulatory Authority to develop a framework for the implementation of the removal of the subsidy.

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