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N.N.P.C’S GROUP MANAGING DIRECTOR SAYS THERE IS NO PROVISION FOR FUEL SUBSIDY IN PROPOSED 2021 APPROPRIATION ACT

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mallam Mele Kyari says there is no Provision for Petroleum subsidy in the proposed 2021 appropriation act.

The GMD said Fuel subsidy no longer exists as the country does not have the financial capability to fund it.

Speaking on a wide range of issues at an interactive session with the National Association of Energy Correspondents (NAEC) in Abuja, the GMD said the COVID-19 pandemic resulted in a net industry loss of about $1 trillion dollars this year.

Mallam Kyari said fuel pump price in Nigeria is about 300 percent lower compared to other African countries.

The GMD explained that this is because Nigeria does not pay tax on any Petroleum products in the country.

Speaking at the event, the Special Adviser to the President on media and publicity MR Femi Adeshina praised the Management of the NNPC saying they have achieved the goals set out by the president for Nigerian citizens.

Mr. Adeshina said President Muhammadu Buhari’s plan is to have most projects such as the AKK pipeline, the Second Niger Bridge, and other major projects completed by the first quarter of 2022.

He said even with the coming of covid 19, the timeline for most of these projects remains the same.

BY: JOYCELYN ELLAKECHE ADAH

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