Shortly after President Tinubu during his inauguration speech announced that fuel Subsidy has come to an end queues resurfaced at filling stations across the country.
Nigerians trooped to the fuel stations in fear that petrol would become scarce and more expensive.
But the Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has appealed to Nigerians to stop panic buying of petroleum products.
In a media briefing on Monday, Kyari said he welcomes the removal of subsidy adding that subsidy has been a burden on NNPC Limited’s cash flow.
He agreed that the removal of subsidy will free up funds to enable optimal operations within the company.
Kyari assured Nigerians of a sufficient supply of the product noting that the NNPC Limited is also monitoring all its distribution networks to ensure compliance.
President Bola Tinubu had announced on Monday that era of fuel subsidy was gone saying that the policy is no longer sustainable in the face of drying resources.
Tinubu said revenues freed from the decision would be channeled to other uses such as development of agriculture, education and provision of more infrastructure.
