NNPC discount measure for petrol pump price has Tinubu’s backing – Presidency

The Presidency has explained that the Nigerian National Petroleum Company Limited's (NNPCL) measure to forgo its petrol retail profit margin and sell at cost to cushion the impact of global crude oil price shocks has President Bola Tinubu's approval. The Presidency stated that the measure should not be interpreted as a reversal of a necessary reform designed to set the country on the path towards sustained prosperity. It noted that the subsidy removal came at a price and that the measure is to ensure its gains reach more Nigerians faster and in more tangible ways. A statement by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, clarified that none of the measures restores a blanket subsidy.

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