The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says there was no need to panic over the announcement of the removal of subsidy.
President Bola Tinubu had during his Inaugural speech on Monday disclosed his administration’s decision to end the fuel subsidy regime in Nigeria, saying the policy is no longer sustainable.
Also Read: BREAKING: Fuel Subsidy Is Gone, Says Tinubu
NMDPRA in a statement few hours after President Tinubu’s declaration notes that “contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.”
The authority however said they are working with relevant stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form.
The oil-sector regulatory body assured Nigerians that there is an ample supply of PMS to meet demand as steps are being taken to ensure distribution channels remain uninterrupted and fuel is readily available at all petrol stations across the country.
(EDITOR: TIENABESO BIBIYE)
