Our reporter/ The Nigerian National Petroleum on Monday backed the removal of fuel subsidy by the Tinubu government.
Tinubu had in his inaugural address earlier Monday declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy.
Reacting to the development 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 the company, Mele Kyari, 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.