THE Chief Executive of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, today, said that the Federal Government owes the company N2.8 trillion for petrol subsidy.
Kyari disclosed this to State House correspondents after he met with President Bola Tinubu at the Presidential Villa, Abuja.
He affirmed that the subsidy is no longer sustainable as it has made it impossible for the company to have funds to channel into its core businesses.
The NNPCL CEO, who described the announcement made by President Tinubu that subsidy is gone as belated, said the petrol queues that have resurfaced are understandable as marketers will like to understand the meaning of the president’s pronouncement.
He said that the uncertainty on the remark also caused consumers to rush for the product and causing queues.
The NNPCL boss assured that government will initiate measures to cushion the effects of the removal of subsidy.
