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Tinubu Has Ordered Palliatives To Cushion Effects Of Subsidy Removal - Kyari

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The group chief executive officer (GCEO) of Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, has disclosed that President Bola Tinubu has

“There is an ongoing process of rehabilitation and one of the refineries will come on stream this year. The second will come on stream next year and the third will come in 2025,” he stated.

“I am aware that Mr President has directed some engagement and some palliatives will be put in place, and I am very sure this will happen.” “For any company, when you have negative N2.8 trillion, there is no company in the whole of Africa that will lend to you. You cannot have receivables. The provision of subsidy is there but absolutely there is no funding for it. It means it is only on paper. So, it doesn’t exist.

Tinubu’s target, he pointed out, was to have 7 per cent growth of GDP, which he said cannot be achieved if there is distortion in demands and consumption patterns.

 

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