President Bola Tinubu, has met with the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa and the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.
Speaking with State House correspondents shortly after the meeting at the Presidential Villa on Wednesday, Bawa, who declined to give details, said he was there to brief the president.
He briskly walked away accompanied by the NNPCL CEO.
Kyari had on Tuesday also met with the after which he told correspondents that the federal government is owing the company the sum of N2.8 trillion that it had already paid on petrol subsidy.
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.
Kyari said the petrol queues that have resurfaced are understandable as marketers will like to understand the meaning of the president’s pronouncement that “subsidy is gone.”
He said that the uncertainty on the remark also caused consumers to rush for the product and cause queues.
The NNPCL boss assured that government will initiate measures to cushion the effects of the removal of subsidy.
Kyari was joined by the Chief Executive of Nigerian Mainstream and Downstream Regulatory Authority, Faruk Ahmed, who also said that with the removal of subsidy, there will be no price cap on the sale of petroleum products in the country just as he said that conversation is ongoing to ensure that consumers are not shortchanged.
The NNPCL Group CEO said, “Since the provision of the N6 trillion in 2022, and N3.7 trillion in 2023, we have not have not received any payment whatsoever from the federation.
“That means they (federal government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC.
