The Move to Optimize Operations and Ensure Supply
NNPC Limited, Nigeria’s leading petroleum corporation, expressed its support for the Federal Government’s decision to remove subsidies on Premium Motor Spirit (PMS), commonly known as fuel.
The announcement of the removal was made by President Bola Tinubu during his inauguration, signifying a significant policy shift.
Relief for NNPC Limited’s Cash Flow
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Limited, immediately addressed the press, emphasizing the positive impact of this decision on the company.
Kyari acknowledged that the fuel subsidy had been a burden on NNPC Limited’s cash flow, diverting funds that could be better utilized to optimize operations within the corporation.
The removal of the subsidy would free up these funds, allowing NNPC Limited to focus on its core responsibilities and enhance efficiency, Kayri noted.
Ensuring Stable Supply for Nigerians
Kyari recognized the concerns raised about the possible scarcity of fuel following the removal of the subsidy. He reassured Nigerians that NNPC Limited is committed to ensuring a sufficient supply of PMS across the country.
The corporation is actively monitoring all its distribution networks to ensure compliance and prevent any disruptions in the fuel supply chain.
Promoting Economic Growth and Development
The removal of fuel subsidy aligns with the government’s broader objectives of promoting economic growth and development.
By eliminating the subsidy, the Federal Government aims to redirect resources towards critical sectors, such as healthcare, education, infrastructure, and social welfare programs. This move is expected to have a positive long-term impact on the Nigerian economy, fostering sustainable development and improving the standard of living for its citizens.