NNPC GCEO Briefs APC NWC On Subsidy Removal

The Group Chief Executive Officer of the Nigeria National Petroleum Company Ltd, Mele Kyari is currently meeting with members of the National Working Commitee (NWC) of the All Progresives Congress (APC) to brief them on the removal of subsidy by the Federal Government.

Kyari arrived with a delegation of senior officials of the NNPC at the party’s national secretariat around 1pm on Thursday.

At the meeting which is currently been held behind closed door, the GCEO is expected to discuss the subsidy removal and what the company is doing to ensure its effective implementation.

The NNPC had said the decision to remove the subsidy on Premium Motor Spirit (PMS) by President Bola Tinubu is a welcome development.

Tinubu had in his inaugural speech at the Eagles Square abolished fuel subsidy in Nigeria, saying it is no longer sustainable

He had said, “On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy. Fuel subsidy is gone.”

Kyari had shortly after the announcement said the subsidy burden which has been placed on the NNPC Limited  is affecting the company’s cashflow and threatening its sustainability plans due to the federal government’s inability to refund the subsidy claims.

He added that NNPC as a limited liability company cannot continue to bear the burden of subsidy on behalf of the federation if it must deliver dividends to its shareholders and be profitable.