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NNPC reveals President Tinubu’s next plan after subsidy removal

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NNPC reveals President Tinubu’s next plan after subsidy removal

Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC), has admitted that Nigerians would have problems with the removal of fuel subsidy and that it would impact on inflation.

He, however, assured that the government was working on putting in place palliatives to cushion the effect.

According to Kyari, President Bola Tinubu has directed some engagements and some palliatives will be put in place soon.

Kyari added that the market would stabilise with time following the removal of fuel subsidy and the current pump price when other players came in.

“There is a transition going on now and NNPC cannot continue to be sole importer. So, we know that this is going to vanish, the market will stabalise,” he said.

On when the country would have all its four refineries working, Kyari said there was an ongoing process of rehabilitation of the refineries.

He added that one of the refineries would come on stream before the end of 2023 while the second one would come on stream in 2024 and the third one would follow thereafter.

He maintained that the fuel subsidy regime was gone for good because the government could no longer sustain it.

“Of course it is very obvious that we can no longer afford it. Subsidy bills have piled up, the country is not able to settle NNPC for the money we are spending on subsidy.

“And therefore, pricing petroleum at the market is the right thing to do at this point in time, and I believe that this would benefit the country in the long run,” he said.

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