Just In: President Tinubu Speaks on Fuel Subsidy Return

• President Bola Tinubu-led federal government has opened up on the report that the administration has returned to the fuel subsidy regime
• Mele Kyari, the GCEO of the NNPC Limited, said the government understands why the marketers have been unable to import fuel, and that is why the government has to intervene
• Kyari, who addressed journalists after meeting with President Tinubu at the villa, dispelled the report of the return of the fuel subsidy

FCT, Abuja - President Bola Tinubu-led federal government has debunked the report that his administration has returned subsidies on the premium motor spirit (PMS), also known as petrol.

On May 29, President Tinubu declared the removal of fuel subsidies during his inauguration at Eagles Square in Abuja, The Nation reported.

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Economic repercussions of fuel subsidy removal by President Tinubu

However, the president's declaration has been confronted with major economic repercussions, and organised labour has staged a series of protests against the fuel subsidy removal.

Last week, the federal government was able to manage an arrangement with the labour union, including a provisional wage increment and other implementation of some palliative measures.

Recently, the oil marketers and some sections of the labour union alleged that Tinubu's administration had restored the fuel subsidy, which was contrary to its earlier position. They claimed that the removal of the fuel subsidy because it was unexplainable for the fuel pump price to be stable in the face of fluctuations.

NNPC denies fuel subsidy has returned

But Mele Kyari, the Nigerian National Petroleum Company Limited (NNPCL)'s Group Chief Executive Officer (GCEO), said there was nothing like fuel subsidy at all.

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The NNPCL boss made the clarification while responding to questions from journalists at the presidential villa in Abuja on Monday, October 9, following his closed-door meeting with President Bola Tinubu.

Kyari said:

“I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly and these are some of the interventions the government is doing. There is no subsidy.”

Source: Legit.ng