BREAKING: FG insists there is no fuel subsidy, cost fully recovered

The Federal Government has refuted claims that it has once again reintroduced the petrol subsidy regime, noting that the pockets of queues observed in petrol stations nationwide was due to hiccups in distribution from the country’s south to the north, not a lack of supply.

The clarification from the government followed claims by oil marketers, a section of the organized labour and some experts that the government had restored subsidy on petrol, contrary to the earlier announcement by President Bola Tinubu that subsidy is gone.

This was disclosed on Tuesday by the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, while responding to questions from State House correspondents after a meeting with President Tinubu at the Presidential Villa Abuja, where he said there is no fuel subsidy at all.

We recover our full cost

  • 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.”

More to follow…

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