The group chief executive officer (GCEO) of Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, has disclosed that President Bola Tinubu has ordered the putting in place of palliatives to cushion the effect of removal of fuel subsidy on Nigerians.
He also insisted that there was no going back on subsidy removal, as it was quite apparent that Nigeria can no longer afford the subsidy payment.
The NNPCL boss, who disclosed these after meeting behind-closed doors with members of the National Working Committee (NWC) of the ruling All Progressives Congress (APC) at the party’s national secretariat in Abuja on Thursday, said the NNPCL won’t continue to be sole importer of oil in the country.
Kyari stated: “There is a gradual process now of making a flexible and single effect regime. Everyone will be able to have access to foreign exchange and there is a transition going on now.
“And NNPC cannot continue to be sole importer. We know that this is going to vanish and the market will stabilise this.”
Kyari also confirmed ongoing rehabilitation of the nation’s four refineries, saying one of them will start operations this year.
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