Nigerians have been advised to bear the pain resulting from the subsidy removal saying the policy is for the good of all.
Group Managing Director of the Nigerian National Petroleum Corporation Limited, Mele Kyari gave the indication at a meeting with the leadership of the All Progressive Congress in Abuja.
Kyari who said over N400billion naira was being spent monthly to subsidize Premium Motor Spirit, described the development as painful and a drain on the cash flow of the Corporation.
With the new regime in place, Kyari said NNPC will no longer be the sole importer of PMS into the country as the process of creating a flexible forex arrangement to accommodate other marketers is ongoing.
The NNPC boss further gave an update on the rehabilitation process of the nations refineries.
Meanwhile, the Chairman, APC United States, Prof. Taye Balofin and his United Kingdom counterpart, Tunde Doharthy,have urged Nigerians to be patient with the TINUBU administration indicating that palliatives measures are being put in place to ameliorate the challenges.
It would be recalled that president Tinubu’s government inherited a regime with no provision for subsidy in the 2023 Appropriation Act as of June 2023.