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NNPC Denies Return Of Fuel Subsidy

Fuel Subsidy


NNPC Denies Return Of Fuel Subsidy

El-Rufai had told journalists in Maiduguri on Monday that many citizens were not aware that the government had reintroduced the PMS subsidy.

Abuja, Nigeria-The Minister of State for Petroleum Resources and the Nigerian National Petroleum Company Limited have denied reports claiming that the Tinubu-led government has reinstated petroleum subsidy.

Speculations emerged earlier this week, fueled by unverified sources, alleging that the Tinubu-led government had opted to reinstate petroleum subsidies, a policy that had been phased out in previous administrations due to concerns over inefficiency, corruption, and the burden on national finances.

Reacting to the claim, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, asked anyone making such claims to come forward with evidence.

“I don’t want to delve into that issue. It is a very sensitive issue. It is better we get all the facts. As far as I’m concerned, the President removed the subsidy and it remains removed till today. Anybody who is saying that subsidy is being paid, it is left for the person to bring the facts and then we will talk about them.”

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When questioned if the current petrol price is influenced by market dynamics, the minister responded

“While it may not be solely influenced by market forces, let us focus on addressing the current price. Every government has a duty to do certain things, not only in the petroleum sector but in several other sectors, to be able to cushion the effect and burden on Nigerians.”

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Also speaking, the Chief Corporate Communications Officer of NNPC Plc, Olufemi Soneye, emphasized that the national oil company has ceased subsidizing petrol.

“We are recovering our full costs from the products we import. It is important to emphasise that the subsidy is no longer in place. Contrary to allegations, the petrol subsidy has not been reinstated” he said

Recalled El-Rufai had told journalists in Maiduguri on Monday that many citizens were not aware that the government had reintroduced the PMS subsidy.

“The Federal Government is now subsidising fuel; many people don’t know this. It is the right policy. I have always supported the withdrawal of oil subsidies; but in the course of implementing the policy, the government realised that subsidy has to be back; right now, the government is paying a lot of money for subsidy, even more than before.

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“You start implementing a policy because you are sure it is the right policy, but in the course of implementation, you come across bottlenecks, and you modify.

“The keyword in leadership, in my view, is pragmatism. You should be pragmatic. So when you make a policy, you start implementing it, and it doesn’t seem to work well. You should have the humility to stand back and say this is not working, and you modify it,” the former governor stated.

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