FG defends NNPC petrol low cost, says it’s not a return to subsidy

The Federal Government by way of the Minister of Information and National Orientation, Mohammed Idris, has defended the Nigerian National Petroleum Company Limited’s (NNPC) 30-day petrol low cost initiative, emphasizing that the measure doesn’t represent a restoration of the gas subsidy.

Speaking throughout a media chat with senior editors and journalists in Abuja, Idris defined that the nationwide oil firm elected to forgo a portion of its business earnings to assist alleviate the monetary pressure of hovering vitality prices on shoppers.

“The NNPC has looked at it and said we are making this much profit. Why can’t we forgo some of the profit that we are making, so that Nigerians will have some form of cushioning?” Idris said.

The coverage has drawn scrutiny and criticism from varied quarters, together with opposition figures, labour leaders, and civil society stakeholders, who’ve questioned its scope, length, and potential financial implications.

Former Vice President Atiku Abubakar publicly criticized the transfer, characterizing it as a politically pushed intervention designed to supply short-term reduction forward of the 2027 basic elections.

 Atiku additionally raised questions relating to whether or not the initiative acquired correct board authorization inside NNPC Limited and the way the monetary value could be accounted for underneath its business framework.

Additional criticisms have been voiced by figures resembling Trade Union Congress (TUC) President Festus Osifo and Social Democratic Party (SDP) presidential candidate Adewole Adeboye, who questioned the sensible attain of the low cost provided that NNPC retail stations characterize solely a fraction of filling shops nationwide.

Addressing these issues, Idris reiterated that the federal administration stays steadfast in pursuing structural financial reforms whereas holding citizen welfare on the forefront. He famous that international vitality volatility continues to problem economies worldwide, prompting numerous administrative responses.

“Our approach is to consolidate the gains of these reforms, expand affordable energy alternatives, strengthen domestic production and create the conditions for sustainable reductions in the cost of living,” the minister added