The Nigerian Federal Government has issued a statement urging citizens not to panic following President Bola Ahmed Tinubu’s announcement of the removal of petrol subsidy. The President’s declaration, made during his inaugural speech on Monday, immediately led to panic buying and long queues at fuel stations in various states across the country.
In response to these concerns, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) swiftly addressed the situation. Kimchi Apollo, the General Manager of Corporate Communications at NMDPRA, emphasized that the Authority is actively collaborating with NNPC Limited and other key stakeholders to ensure a seamless transition. Their primary objective is to avoid any disruptions in fuel supply and ensure that consumers are not disadvantaged in any way.
NMDPRA assured the public that there is an abundant supply of petrol to meet the demand. They have taken the necessary measures to maintain uninterrupted distribution channels and ensure the availability of fuel at all filling stations nationwide. The Authority emphasized the importance of remaining calm and discouraged the urge to stockpile petrol due to the potential safety hazards associated with such behavior.
Furthermore, the Authority clarified that the removal of petrol subsidy, despite speculations and concerns, is in line with the provisions of the Petroleum Industry Act (2021). This Act aims to fully deregulate the petroleum downstream sector, thereby fostering investment and driving economic growth. NMDPRA emphasized their commitment to monitoring activities in the sector and implementing measures to enhance transparency and accountability.
In conclusion, the NMDPRA reassured Nigerians that the removal of petrol subsidy is a significant step towards building a sustainable and prosperous future for the nation. They emphasized their dedication to ensuring a smooth transition and safeguarding the interests of the public.