The Nigerian National Petroleum Company Limited (NNPCL), has applauded the decision by the Federal Government to remove subsidy on Premium Motor Spirit (PMS), also called Petrol.
In the first policy directive of his administration, President Bola Tinubu, on Monday, had announced the removal of fuel subsidy.
He disclosed this in his inaugural speech as the new President of Nigeria.
According to him, subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
After an emergency meeting in Abuja, the Group Chief Executive Officer (GCEO) of NNPC Limited, Mallam Mele Kyari, noted that the removal of the subsidy, which had been a burden on NNPCL cash flow, will free up funds to enable optimal operations in the company.
Reacting to fuel scarcity already being experienced almost after the presidential pronouncement, Kyari assured Nigerians of sufficient supply of the product.
He added that the NNPCL was also monitoring all its distribution networks to ensure compliance.